Open Networks Key To Tackling Climate Challenges: Infosys' Nandan Nilekani

While emphasising the need for immediate action in the face of climate change, Nandan Nilekani, Non-executive Chairman, Infosys and Co-founder, FIDE has said thar the world has moved to execution mode in tackling the global climate crisis, and it is time for to step up the efforts. 

Speaking at the inaugural edition of Beckn Node Zero 2024, Nilekani stated, "Climate is time-bound, and we need to act with exponential scale and pace,” said Nilekani. He pointed out that India’s expertise in managing complex systems through digital infrastructure could now be applied to global climate challenges.

He called for using India's Direct Benefit Transfer (DBT) infrastructure to facilitate climate action payments, aiming to link behavioural change in climate action with financial incentives.

Nilekani introduced the concept of “Finternet”—a decentralised financial system based on the tokenisation of assets. He suggested that integrating Beckn’s decentralised transactions infrastructure with Finternet’s decentralised assets infrastructure could bring transformative change to the financial sector. “We have the technology, capability, and the ability to make this work, and we will see examples of this in the coming year,” he stated.

Nilekani further highlighted that while data to predict extreme climate events is readily available, the challenge lies in accessibility due to high coordination costs. “This can be solved by open networks, which will bring down the cost of coordination,” he added. Nilekani also noted that the circular economy, currently recycling only 7 per cent of resources, faces a similar coordination issue that open networks could address.

The Potential Of Open Networks
The second day of the event featured a panel discussion moderated by Sanjay Purohit, CEO, Centre for Exponential Change. The panel discussed India’s technical readiness for open networks and their potential to unlock the ecosystem's value. Panellists stressed the need to thoroughly understand the context before implementing solutions, emphasising that open networks could offer scalable, sustainable solutions for climate action.

Pramod Varma, Co-founder, FIDE, pointed out that open networks have the potential to foster collaboration, transparency, and efficiency in climate action. “We need to change our thinking towards a new sustainable economy, where the focus is on coordination,” he said. Varma highlighted that a network-based approach with each “node” contributing effectively could lead to collective, exponential impact. “Today’s problems were yesterday’s solutions; solution thinking requires problem understanding. We need to reimagine and move to new-age networks designed around a user-centric architecture to demonstrate high-trust, low-cost networks,” he added.

A Collaborative Platform For Climate Solutions
Sujith Nair, CEO and Co-founder, FIDE, described Beckn Node Zero as a platform for diverse stakeholders, including investors, community representatives, and farmers, to collaborate on climate action. "Beckn Node Zero is a space for thinkers, solvers, investors, and community representatives to listen, learn, contribute, and experience open networks in action," Nair said. He noted that the event successfully framed the question of whether open networks can support coordinated climate action with a human-centric design.

The event concluded with a commitment to establish Beckn Node Zero as an annual flagship event of FIDE, aiming to continuously shape India’s climate strategy and inspire global initiatives. The discussions underscored India's readiness to take on a leadership role in climate solutions, positioning itself as a key player in the global quest for sustainable practices through innovative, open network-based approaches.