"We are doing our part in the global fight against climate change with this ambitious new target. Mahindra will leverage the latest technological advances and its recently announced carbon price to work towards being carbon neutral by 2040," Mahindra Group Chairman Anand Mahindra said.
He is in this California city to co-chair the Global Climate Action Summit (GCAS) that aims to encourage all stakeholders to raise their ambition with many new possibilities emerging out of the discussions.
"We have already seen remarkable value in reducing emissions through the EP100 program which aims to double energy productivity in our main businesses -- auto, farm equipment and holiday resorts," Mahindra told IANS.
Using energy efficient lighting, efficient heating, ventilation, and air conditioning, motors and heat recovery projects, Mahindra & Mahindra has doubled the energy productivity of the automotive business almost 12 years ahead of schedule, the company said.
The farm equipment business is also ahead of schedule in achieving its goal and is more than half-way there, it said.
The company was also the first Indian company to announce its internal carbon price of $10 per ton of carbon emitted to fund investments required to pursue the path of carbon neutrality.
The company has more than 10 years of experience in creating carbon sinks. It looks forward to using this experience to deal with residual emissions in a manner that is world class and follows the best established protocols.
The company is also a signatory of the science-based targets initiative which provides companies with a clear pathway for reducing emissions in line with the Paris Agreement's goal of limiting global warming to well below two degrees Celsius above pre-industrial levels. All these commitments are helping the company on its path to go carbon neutral.
"By pledging to reach carbon neutrality in its operations, Mahindra is sending a clear message that investment in climate-smart growth is good for business. This commitment can unlock collaboration, innovation, and results," Senior Director for Global Climate at Environmental Defense Fund (EDF) Richie Ahuja told IANS.
The EDF is a leading international nonprofit organization, creates transformational solutions to the most serious environmental problems.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)