Mahindra & Mahindra became the first Indian company to announce its internal Carbon Price of USD 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.
Mahindra adopted the new carbon price after several months of 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.
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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.
As a sustainability pioneer, Mahindra & Mahindra committed to doubling its energy productivity by 2030 in April this year, and is the first global signatory of EP100, a program promoted by the international non-profit, The Climate Group. It is also the first Indian company that joined the World Bank’s ‘Carbon Pricing Leadership Consortium’ which was launched at COP21 in Paris.
Through this, Mahindra is aligned to the Government of India’s ratification of the Paris agreement on climate change on October 2nd this year.