Home textiles major Welspun India Ltd on Tuesday said it has joined the global coalition to undertake climate action aligned with Science Based Targets initiative (SBTi) of Net-Zero standard and Business Ambition for 1.5 degrees Celsius to mitigate greenhouse gas emissions.
As part of the pledge, Welspun India will strive to achieve net-zero emissions by setting up a target aligned with the SBTi NetZero Framework, the company said in a regulatory filing.
It will also develop a decarbonisation road map to minimise its emission across the value chain operations through initiatives.
This will include reducing greenhouse gas (GHG) emissions through periodic review of GHG inventory, persistent increase in annual sourcing of renewable energy, identifying climate-related business risks and reporting as per the guidelines of TCFD (Taskforce on Climate-related Financial Disclosures), the company added.
Welspun India Joint Managing Director and CEO Dipali Goenka said, “Businesses can no longer afford to take a wait-and-see approach to climate change. The time to act and safeguard our tomorrow is now. Our commitment to the Science Based Targets initiative of Net-Zero Standard is a step in that direction.” The SBTi Business Ambition for 1.5 degrees Celsius is an urgent call to take action from a global coalition of UN agencies and business and industry leaders, in partnership with the Race to Zero campaign.
Globally, over 2,000 businesses and financial institutions are working with the SBTi to reduce their emissions in line with climate science.
“With sustainability and climate consciousness as integral components of our overarching business philosophy, we will continue to monitor, assess and implement policies that allow us to reduce the direct and indirect environmental impact of our operations,” Goenka said.