Tata Power hits record high after near-term sustainability targets gets validated by SBTi

Tata Power Company surged 8.51% to 428.40 after the company has received validation from the Science Based Targets initiative (SBTi) for its near-term objectives.

The SBTi, a collaboration between CDP (Carbon Disclosure Project), the United Nations Global Compact (UNGC), the World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the We Mean Business Coalition, works to promote ambitious corporate climate action by enabling businesses and financial institutions globally to establish science-based greenhouse gas emissions reduction targets.

The company said that this milestone establishes it as the sole Indian integrated power entity with validated SBTi targets, in line with the well-below 2C trajectory.

The companys ambitious goals include a commitment to considerably reduce scope 1 GHG emissions by FY2037 from a FY2022 baseline and achieve a reduction in scope 1 and 3 GHG emissions from the generation of all sold electricity within the same timeframe.

Himal Tewari, CHRO and chief sustainability & CSR at Tata Power, expressed, "This validation of our near-term targets by the Science Based Targets Initiative marks an important milestone in our commitment to combat climate change and promote green power adoption. At Tata Power, we believe that aligning our emission reduction goals with science-based criteria is not only a responsibility but also a testament to our dedication towards a sustainable and resilient future for all.

Tata Power, a member of the Tata Group, possesses a diverse portfolio comprising 14,453 MW across the power value chain, inclusive of renewable and conventional energy generation, transmission & distribution, trading, storage solutions, and solar cells and module manufacturing.

Tata Power Company reported a 2.28% jump in consolidated net profit to Rs 1,076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23. Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.

The counter hit an all-time high at Rs 433.20 in intraday today.

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