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UltraTech Cement commits to 100% renewable energy usage by 2050

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The cement major announced its commitment to Climate Group's RE100 initiative at Climate Week NYC 2021.

As part of this commitment, UltraTech targets to meet 100% of its electricity requirement through renewables sources by 2050.

In the last two years, UltraTech has scaled up its contracted renewable energy capacity by 2.5 times. The company has already set a target to scale up its green energy mix to 34% of its total power requirement by 2024, from the current levels of 13%.

"With us now joining the RE100 group, UltraTech will become part of a high-profile global campaign that advocates for a strongbusiness case in transitioning to renewable energy sources in building a decarbonized economy, said Kailash Jhanwar, managing director, UltraTech Cement.

In FY21, UltraTech took another important step with the validation of its GHG emission reduction targets by the Science Based Targets Initiative (SBTi). The company is committed to reduce its Scope 1 GHG intensity by 27% and Scope 2 GHG intensity by 69%, both by 2032 from the base year of 2017.

UltraTech's GHG reduction targets also include UltraTech's target to lower its CO2 intensity in cement to 462 kg net CO2 per ton of cementitious material (net CO2/t.cem.) by 2032.

UltraTech is also the first company in India and the second company in Asia to link its financial commitments with sustainability targets through the issuance of dollar-based sustainability linked bonds.

On a consolidated basis, Ultratech Cement reported 114% rise in net profit to Rs 1,703 crore in Q1 FY22 from Rs 794 crore in Q1 FY21. Revenues (net of taxes) rose by 54% YoY to Rs 11,698 crore during the quarter.

UltraTech Cement, the cement flagship company of the Aditya Birla Group, is the largest manufacturer of grey cement, ready mix concrete (RMC) and white cement in India.

Shares of UltraTech Cement were up 0.21% at Rs 7,632. The stock hit a high of Rs 7,636.20 and a low of Rs 7,611.30 in early trade.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, September 24 2021. 09:17 IST