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Mahindra to become carbon neutral by 2040
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SME Times News Bureau | 14 Sep, 2018
Mahindra & Mahindra, India's leading manufacturer of utility
vehicles and part of the $20.7 billion Mahindra Group, on Thursday
announced its commitment to become a carbon neutral company by 2040.
For this, the company will be working with Environmental Defense Fund (EDF) to meet its carbon neutrality commitment.
Mahindra
& Mahindra will focus on energy efficiency and the use of renewable
power to achieve this target. Residual emissions will be addressed
through carbon sinks, the company said.
"We are doing our part in
the global fight against climate change with this ambitious new target.
Mahindra will leverage the latest technological advances and its
recently announced carbon price to work towards being carbon neutral by
2040," Mahindra Group Chairman Anand Mahindra said.
He is in this
California city to co-chair the Global Climate Action Summit (GCAS)
that aims to encourage all stakeholders to raise their ambition with
many new possibilities emerging out of the discussions.
Mahindra
& Mahindra was the first company in the world to commit to doubling
energy productivity by signing on to The Climate Group's program EP100.
"We
have already seen remarkable value in reducing emissions through the
EP100 program which aims to double energy productivity in our main
businesses -- auto, farm equipment and holiday resorts," Mahindra told
IANS.
He said science-based targets are a way of ensuring that
ambition is stepped up and action is aligned to the target set by the
2015 Paris Climate Change Agreement.
Using energy efficient
lighting, efficient heating, ventilation, and air conditioning, motors
and heat recovery projects, Mahindra & Mahindra has doubled the
energy productivity of the automotive business almost 12 years ahead of
schedule, the company said.
The farm equipment business is also ahead of schedule in achieving its goal and is more than half-way there, it said.
The
company was also the first Indian company to announce its internal
carbon price of $10 per ton of carbon emitted to fund investments
required to pursue the path of carbon neutrality.
The price was
carefully arrived at on the basis of international benchmarks and an
assessment of what was required to achieve the goals set by the business
on energy efficiency and renewable energy.
The company has more
than 10 years of experience in creating carbon sinks. It looks forward
to using this experience to deal with residual emissions in a manner
that is world class and follows the best established protocols.
The
company is also a signatory of the science-based targets initiative
which provides companies with a clear pathway for reducing emissions in
line with the Paris Agreement's goal of limiting global warming to well
below two degrees Celsius above pre-industrial levels. All these
commitments are helping the company on its path to go carbon neutral.
"By
pledging to reach carbon neutrality in its operations, Mahindra is
sending a clear message that investment in climate-smart growth is good
for business. This commitment can unlock collaboration, innovation, and
results," Senior Director for Global Climate at Environmental Defense
Fund (EDF) Richie Ahuja told IANS.
The EDF is a leading
international nonprofit organization, creates transformational solutions
to the most serious environmental problems.
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