Strengthening India’s commitment to the ‘Paris Climate Agreement’, APSEZ (Adani Ports and Special Economic Zone) has signed up for the Science Based Targets initiative (SBTi).
What is Science Based Targets initiative?
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact (UN Global Compact), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and is one of the We Mean Business Coalition commitments. The initiative champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. Science-based targets are greenhouse gas emissions reduction targets that are in line with the level of decarbonization required to meet the goals of the Paris Agreement – to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.
APSEZ joins taskforce
APSEZ has also signed commitment as a supporter to the Taskforce on Climate Related Financial Disclosure (TCFD), which develops voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. A total of 16 Indian companies are supporting the TCFD out of which two are Adani Group’s subsidiaries.
“As a group, we are committed to a sustainable future driven by continuous interventions in our processes and operations. APSEZ is committed to SBTi and TCFD to ensure emission reductions are achieved with defined targets towards the goal of becoming carbon neutral. This is another significant step demonstrating the Adani Group’s stated commitment of contributing to India’s COP21 targets and global climate goals.” said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.
Tackling climate change
“We have less than 10 years to fundamentally change our economies or we will face catastrophic consequences,” said Lise Kingo, CEO & Executive Director of the UN Global Compact, one of the SBTi partners. “For the first time, we are seeing business and climate leaders coalesce around a common call-to-action, sending a powerful signal that science-based target setting presents a significant opportunity for businesses to step up when it comes to tackling climate change and limiting global warming to 1.5 degrees Celsius.”
Paul Simpson, CEO of CDP, one of the SBTi partners, said: “The science is clear: in order to limit the catastrophic impacts of climate change, we must ensure warming does not exceed 1.5°C. The ambition is high but it’s achievable — and science-based targets give companies a roadmap for getting there. Corporations worldwide have an unprecedented opportunity to be at the very forefront of the transition to a net-zero economy — and there is no time to lose.”
APSEZ is one out of a total of 43 Indian companies who have signed a commitment letter to SBTi. A total of 909 companies are taking science-based climate action and 392 companies have approved science-based targets through SBTi.
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