By Tricitynews Reporter
Chandigarh
08th October:- Mahindra
& Mahindra today became the first Indian company to announce its internal
Carbon Price of US $10 per ton of carbon emitted. Mahindra’s
carbon price is aligned with its business commitment to reduce its Green House
Gas emissions by 25% over the next three years. Carbon Pricing is an
internationally recognized business tool that enables companies to create
resources which are invested in low carbon technologies, which help reduce
future emissions and lower operating costs.
According to Dr. Pawan Goenka, Executive Director,
Mahindra and Mahindra Ltd. Said that Mahindra is a pioneer in
sustainability and is deeply committed to the creation of
low carbon businesses. We have reduced our carbon
emissions over the years and this new Carbon Price will help accelerate innovation
and drive our investments in energy efficient and renewable technologies. We
hope this encourages other companies to take action at a time when India’s
emissions are set to rise in a BAU scenario, in step with the country’s
economic growth.
Commenting on the development, Tom Kerr, Director, Carbon Pricing Leadership
Coalition, The World Bank Group, said that Mahindra & Mahindra’s new
internal carbon price is an excellent example for companies in India—and around
the world—of how smart companies are taking advantage of low-carbon investment
opportunities while managing carbon risk.”
Mahindra adopted the new carbon price
after several months of rigorous planning and effort in keeping with its
progressive attitude toward sustainability. The company partnered with the
World Bank and IFC led Carbon Pricing Leadership Coalition along with the World
Resources Institute, India to enhance its understanding of the Carbon Price
mechanism.
Mahindra started reporting its
emissions from FY-2008 and over the last eight years the company has reduced
its carbon emissions by 47% and its energy use by 32%. It has invested in
developing India’ first and only electric car, the E2O. Other initiatives
include a recent investment in 4.2 MW of wind power and the use of Magnetic
induction, LED lighting technology and waste heat recovery systems at its
plants.