DAVOS: In an effort to spur further climate action at this year’s Global Climate Action Summit (Summit) in September and at the United Nations Climate Change Conference (COP24) in December, Summit co-chair and Mahindra Group Chairman, Anand Mahindra today challenged businesses around the world to join the growing number of companies committed to setting greenhouse gas reduction targets in line with climate science.
“I commit that the Mahindra Group will implement the Paris Agreement in its entirety. A powerful way of ensuring corporate climate action, aligned with the ambition of the Paris Agreement, is by setting science-based targets.
I applaud all 330 companies that have already committed to set science-based targets through the Science Based Targets initiative. Two of the three Mahindra companies with the highest emissions in the Group, Tech Mahindra and Mahindra Sanyo Special Steel, have already done so.
Today, I am inviting all companies, particularly those that emit the most, to commit to set science-based targets. Over the course of 2018, I will be working to expand the adoption of science-based targets not only across the Mahindra Group, but amongst my business colleagues so that by the Global Climate Action Summit in September, 500 companies step up and commit to set science-based targets,” said Anand Mahindra, Chairman, Mahindra Group.
More than 330 of the world’s biggest companies have already committed to align their strategies with the ambition of the Paris Agreement through the Science Based Targets initiative.
Almost 900 more companies have declared their ambition to set science-based targets within the next two years in their disclosures to the CDP, signaling the emergence of a ‘new normal’ in the way businesses are developing their strategies for the future.
Mahindra Sanyo Special Steel Pvt. Ltd. set a science-based Greenhouse Gas emission reduction target of 35% under SCOPE 1, 2 and 3 per ton of steel produced by the year 2030, against 2016 baseline year.
A key purpose of the 2018 Global Climate Action Summit which will be held from September 12-14 in San Francisco, is to showcase climate action around the world, along with bold new commitments, to give worldwide leaders the confidence they need to go even further when they meet at the United Nations COP24 in November.