Dr Reddy’s joins hands with SBTi, aims to cut greenhouse gas emissions by 55 pc by 2030

By: |
October 5, 2020 4:26 PM

In the pharmaceutical and biotech sector globally, 17 companies have successfully set their emission reduction targets affirming their pledge to mitigate climate change impacts, the statement said.

Already, 472 companies have set their targets as per SBTi.

Dr Reddy’s Laboratories on Monday said it has committed to reduce its greenhouse gas emissions by 55 per cent by 2030.

The Hyderabad-based drug major has joined hands with the Science Based Targets initiative (SBTi), thus becoming the first Indian and the third Asian pharmaceutical company to have set its science-based targets to further minimise environmental impact, Dr Reddy’s Laboratories said in a statement.

The company has committed to reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 55 per cent by 2030 from 2017-18 base year, which are in line with the latest climate science of limiting global warming to below 1.5 degrees Celsius above pre-industrial levels, it added.

“Continuous improvement in our environmental performance is a notable aspect of our sustainability journey. We are delighted to join SBTi in taking a science-based approach to set our GHG emission reduction targets and accelerating our efforts to creating a positive impact on our planet,” Dr Reddy’s Laboratories Co-chairman and Managing Director G V Prasad said.

As of 2019-20 fiscal, Dr Reddy’s said it reduced its Scope 1 emissions by 8.6 per cent and Scope 2 emissions by 20.7 per cent over the baseline of 2017-18 fiscal.

The combined Scope 1 and 2 emissions have been reduced by 13 per cent over the same base year, putting the company on a fast track to achieving GHG reduction targets, it added.

SBTi, a joint initiative of Carbon Disclosure Project, United Nations Global Compact, World Resources Institutes and World Wide Fund, provides companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions to limit global warming to well-below 2 degrees Celsius above pre-industrial levels.

Already, 472 companies have set their targets as per SBTi.

In the pharmaceutical and biotech sector globally, 17 companies have successfully set their emission reduction targets affirming their pledge to mitigate climate change impacts, the statement said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Historic event for NASA! OSIRIS-REx spacecraft successfully completes touch-and-go maneuver on Asteroid Bennu
2Low pressure in Bay of Bengal to bring rains in AP, Odisha, West Bengal: IMD
3Heavy to very heavy rainfall in many parts of Odisha in next 3-days: MeT