Remember last year, Mr Anand Mahindra, on behalf of the entire Mahindra Group of companies, committing to being carbon neutral by 2040 - ten years ahead of the world Paris Agreement target?
Well, Mahindra group also became the first company in the world to commit to doubling energy productivity by signing on to The Climate Group’s program EP100 and 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.
And now, Mahindra Bristlecone business and Mahindra First Choice Services have got approval for their science-based targets. With this the total number of Mahindra Group companies to have their targets approved by the Science Based Targets initiative (SBTi) has risen to four.
What is Science based targets (SBT)?
Science based targets (SBT) provide companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions. SBTi champions science-based target setting as a powerful way of boosting competitive advantage of companies during the transition to the low-carbon economy.
SBTi is a collaboration between CDP (formerly the Carbon Disclosure Project), the United Nations Global Compact, World Resources Institute, and the World Wide Fund for Nature. SBTi is one of the commitments of the We Mean Business Coalition, a global non-profit coalition working with the world’s influential businesses to take action on climate change.
Targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered ’science-based’ if they are in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement – to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C. About 20 Mahindra Group companies have committed to SBTi.
And where does Mahindra stand in the world?
Out of 612 companies from across the world, 16 are Mahindra businesses.
With the acceptance of science-based targets of Bristlecone and Mahindra First Choice Services, the total number of Mahindra Group companies to receive such approval has risen to four. Earlier, Mahindra Sanyo and Tech Mahindra had got their targets accepted.
Why set a science-based target?
For more information on science based targets click: