The Management Accountant - November 2024
Welcome to interactive presentation, created with Publuu. Enjoy the reading!
6 The Management Accountant - November 2024
www.icmai.in
EDITOR’S DESK
From the
Energy Consumption Management: A Holistic Approach to Greener Future
nergy consumption
management is not
just about reducing
energy use; it is
about creating a sustainable
energy ecosystem that balances
economic growth with
environmental protection. By
embracing efÏciency, renewable
energy, and smart technologies,
and by fostering a culture of
sustainability, we can move
towards a greener and more
sustainable future for all.
This issue of Management
Accountant is focusing on Energy
Consumption Management: A
holistic approach to greener
future. Various authors have
contributed thought provoking
articles based on the theme of
this issue.
Solar Energy Technology
and Its Role in Sustainable
Development in India concludes
that the continued advancement
of solar energy technology in
India will be pivotal in fostering
a future centered around
sustainability and environmental
responsibility. By embracing this
shift, businesses can contribute
to building a greener planet for
future generations.
Role of CMAs in Renewable
Energy Management highlights
that renewable energy
management presents a valuable
opportunity for cost and
management accountants to apply
their expertise in areas such as
rescheduling and reengineering
production processes, providing
input to regulators on pricing
mechanisms, and auditing
information security systems.
India’s Energy Management
Solutions:
Conquering
Challenges, Guiding the
Globe explains that integrating
renewable energy is hindered by
infrastructure gaps, high costs,
and intermittency. However,
through a strategic approach to
energy management, India is
not only paving the way for its
own low-carbon future but also
leading the world towards a more
resilient and sustainable planet.
Energy Security and Non-
conventional Energy Sources: An
Intertwined Twofold Impetus to
Propel Inclusive and Sustainable
Development: Briefly discusses
energy security with an emphasis
on non-conventional sources in
India and also highlights related
global perspectives.
Energy Management and
Decarbonisation: The Need, The
Way Forward, and The Role of
CMAs explores how the global
shift towards energy transition
and management is prompting
businesses to closely examine
their energy consumption and cost
data. Companies are increasingly
focused on optimizing resource
use and minimizing waste. The
triple bottom line approach is
becoming both a necessity and a
reality. In this evolving landscape,
CMAs, with their diverse skills
and roles, can serve as guiding
lights to lead the way forward.
The Sun Never Sets for a
Green Future - India embraces
the philosophy of “Vasudhaiva
Kutumbakam” - “One Earth,
One Family, One Future” -
highlighting the importance of
sustainable energy. Solar and
wind energy together account for
nearly 89% of the nation’s total
renewable capacity. While India
is a global leader in renewable
energy, significant efforts are
still needed to meet SDG targets,
presenting fresh opportunities for
CMAs to play a pivotal role with
their expertise.
O p t i m i z i n g
E n e r g y
Consumption in the Circular
Economy: The Strategic Role of
CMAs emphasizes that by effectively managing
energy consumption, businesses can reduce
costs, enhance profitability, and play a vital
role in fostering a more sustainable and
environmentally responsible economy.
Energy Management Software: A Veritable
Game Changer for the Modern-Day Business
Enterprise highlights the critical role of
Energy Management Systems in collecting and
analyzing energy usage data for businesses. By
comparing individual energy consumption with
industry standards and baselines, these systems
help organizations achieve both environmental
sustainability and energy efÏciency.
Key Aspects in Energy Conservation
underscores how the perspective on energy
conservation has shifted from being merely a
cost-saving strategy to a broader responsibility,
shaped by evolving regulatory frameworks.
Biofuel: Redefining the Path to Energy
Sustainability in India highlights that biofuels
have the potential to economically and feasibly
replace a significant portion of the country’s
current reliance on traditional fuels, across
all regions.
Energy Management and ESG explores
the vital pivot of energy management with
Environmental, Social and Governance
[ESG] frameworks. It underscores efforts by
companies to become more sustainable in
response to ecological concerns.
Role of CMAs in Energy Audit emphasizes
that by integrating energy audits with
sustainability initiatives, CMAs ensure that
businesses meet their long-term environmental
goals. As companies strive to reduce costs,
comply with regulations, and achieve
sustainability targets, cost and management
accountants play an increasingly vital role in
the energy audit process.
In addition to the topics mentioned, this
issue features articles on a range of other
contemporary subjects. We are also honoured
to include an exclusive interview of CMA (Dr.)
Bijay Kumar Mohanty, Director (Finance) at
IREDA.
We extend our sincere thanks to everyone
who contributed articles for this issue. Please
share your thoughts with us at editor@icmai.in.
Happy Reading!
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124