Sustainability Consulting
Mahindra Sustainability
Full Credential Description
Mahindra Sanyo Special Steel faced the challenge of aligning its operations with the climate goals set forth in the Paris Agreement, particularly in the context of the steel industry, which is known for its significant greenhouse gas emissions. As the first Indian company and the first steel manufacturer to set science-based targets, Mahindra Sanyo committed to reducing its Scope 1 and 2 emissions by 35% per tonne of steel produced by 2030, using 2016 as the base year. Additionally, the company pledged to achieve a similar 35% reduction in its Scope 3 emissions by the same deadline.
The tailored solution provided by the Science Based Targets initiative (SBTi) offered Mahindra Sanyo a clear roadmap for implementing these emissions reduction strategies. This initiative, which collaborates with organizations like the United Nations Global Compact and the World Resources Institute, helps companies establish credible pathways to meet climate goals. Uday Gupta, Managing Director of Mahindra Sanyo, emphasized that adopting science-based targets not only addresses the urgent challenge of climate change but also positions the company for future growth and profitability by fostering collaboration with partners throughout its value chain.
As a result of these commitments, Mahindra Sanyo Special Steel is now part of a growing movement of over 100 global corporations actively working towards emissions reduction targets that align with scientific recommendations. This collective effort represents a significant portion of the global economy, with the combined annual greenhouse gas emissions of these companies totaling 404 megatonnes of CO2 equivalent, which is comparable to the emissions from 100 coal-fired power plants. The initiative not only enhances the company's sustainability profile but also signals to stakeholders and governments its commitment to a low-carbon future.