Tech Mahindra signs ‘the climate pledge’

Tech Mahindra now joins a group of companies like SAP, Maersk and Harman in the ‘The Climate Pledge’, the commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. It is one of the 95 new signatories for the cause. This is nearly a 600 per cent growth in signatories over the past year. Co-founded by Amazon and Global Optimism in 2019, 312 organisations have signed The Climate Pledge to date. Pledge signatories in total generate over $3.5 trillion in global annual revenues and have more than 8 million employees across 51 industries in 29 countries.

Signing ‘The Climate Pledge’ means the business/organisation has agreed to measure and report greenhouse gas emissions on a regular basis. They will also implement decarbonisation strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies. Lastly, they would also neutralise any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net-zero annual carbon emissions by 2040.

Amongst the new signatories, IT firm Tech Mahindra has taken medium-term and long-term targets approved by SBTi (Science Based Target Initiative) and is a signatory to Business Ambition 1.5 degree Celsius. It has adopted a climate action plan that provides a roadmap to become carbon neutral by 2030 and be Net Zero much before 2050. It has also implemented Carbon Price to abate GHG emissions and invested in various sustainability projects like increasing renewable energy mix, improving resource efficiency, implementing Environmental Management Systems, and investing in LEED and Green Building Certifications.

Maersk is providing industry-leading green customer offerings across the supply chain, including Maersk ECO Delivery, which targets emission reductions in ocean shipping. Amazon began participating in this service in 2020 and continues today. Amazon’s participation reduced emissions by approximately 20 KTonnes of CO2e (the equivalent of 50 million average passenger vehicle miles) in 2021.

Another signatory, SAP has accelerated its target for achieving net-zero carbon emissions to 2030—20 years earlier than originally targeted. And as part of Harman’s commitment to achieving net-zero carbon across Scope 1, 2, and 3 emissions by 2040, it’s working toward ambitious, measurable shorter-term targets that aim to reduce emissions, energy usage, and waste across its value chain. Harman has introduced new product lines made from responsibly sourced and recycled materials and has committed to 100 per cent renewable energy in all Harman factories by 2025.

“The effects of climate change are becoming more and more apparent in our surroundings and daily lives, and we firmly believe that the private sector must continue to innovate and collaborate across regions and industries in order to decarbonize the global economy at scale,” said Andy Jassy, Amazon CEO.

“It’s an encouraging sign that more than 300 businesses have now signed The Climate Pledge, which commits them to confronting climate change head-on by incorporating real business changes that will make a lasting impact on our planet. We can only do it together,” Jassy added.

As increasing number of companies are joining ‘The Climate Pledge’, this emphasises the need for immediate action to reduce greenhouse gas emissions, to invest in natural climate solutions to limit warming to close to 1.5 degrees Celsius, and to mitigate damages.

“In the face of great peril, which is what the latest science depicts, the business community must have a clear path forward: Step up and accelerate emissions reductions so that we might avoid the worst of the damages yet to come,” said Christiana Figueres, founding partner of Global Optimism and the United Nations’ former climate chief.

“It’s encouraging, therefore, that 300 companies are committed to working together to achieve net-zero by 2040 or sooner through The Climate Pledge. But 300 companies are not enough to deliver the transformations we need. I encourage all business leaders to get to grips with the science, translate it for their businesses, and enable the changes we need without delay,” she added.

Some of the new signatories to The Climate Pledge include Cognizant Technology Solutions, BETA Technologies, Harmony Music School, JACK RYAN, Maya Cosmetics, and Syncro Technology Corp to name a few.

Source: Business Today