MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

98 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 READ WITH RULE 8(3) OF THE COMPANIES (ACCOUNTS) RULES, 2014 IS FORMING PART OF THE BOARD´S REPORT FOR THE FINANCIAL YEAR 2022-23 (A) Conservation of Energy Your Company is committed to sustainable business practices by contributing to environment protection and considers energy conservation as one of the strong pillars of preserving natural resources. This also helps the Company in reducing carbon footprint across all its operations and improve the bottom-line under its ‘Mission Sustainability’. Your Company is the first Indian signatory to EP100 (Energy Productivity 100%) by 2030 with base year 2009, a program promoted by ‘Climate Group’. Further, your Company has committed to becoming Carbon Neutral by 2040. Your Company is also committed for Science Based Target (SBT) to De-carbonize its growth and thus contributing to keep global temperature rise well below 2 degrees Celsius as per Paris Accord 2015. Your Company has a robust roadmap for achieving targets for improving energy efficiency and adoption of renewable energy. Your Company continues to invest in various energy efficiency programs abiding by its commitment towards internal carbon price of USD 10 per ton of carbon emitted. Your Company has always been conscious of the need for energy conservation and preserving natural resources. Energy conservation measures have been implemented at all the plants and offices of the Company. Listing below are few of those initiatives:- ● Programs for improving energy efficiency and energy productivity across all operations. ● Thrust on increasing share of renewable energy. ● Adoption of Green energy for manufacturing operations. ● Converting existing Facilities into Green buildings and factories. ● Rain water harvesting, reduce usage, reuse and recycle water. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO ● Thrust on zero waste to land fill and promote circular economy. ● Eco efficiency in supply chain. ● Creating awareness and promote sustainability amongst stakeholders. i. The steps taken or impact on conservation of energy ● Installation of energy efficient EC blower for paint shop and HVAC applications. ● Replacement of conventional air circulators with BLDC technology air circulators. ● Hybrid solar system for air conditioning system. ● Improving energy efficiency through VFD’s, interlockings, automations and digitization. ● Inverter based welding machines for processes. ● Smart lighting system for shop floor and offices. ● Replacement of old motors with premium efficiency IE3 motors. ● Energy efficiency high volume low speed (HVLS) fans at shop floor. ● Installation of auto shut off valves for compressed air. ● Waste heat recovery from air compressors and paint shops. Y our Company believes in employee engagement for driving positive change towards this goal and has taken multiple initiatives. Select few initiatives are listed below: ● National energy conservation week celebration at all plants during 14 th to 20 th December. ● Organizing multiple competitions on Energy conservation like Best case study on energy efficiency, Quiz contest, suggestion competition, etc. ● Sustainability month celebration at all plants (June month). ANNEXURE VII