Godrej & Boyce announces its ESG targets for next 10 years
Godrej & Boyce, the flagship company of Godrej Group today announced its Environmental, Social and Governance (ESG) goals along with the investment targets for the next 10 years. Jamshyd N Godrej, Chairman and Managing Director of Godrej & Boyce provided a comprehensive overview of the company’s ESG strategy, key initiatives, focus areas, impact and its goals, moving forward.
Over the last ten years, Godrej & Boyce has invested more than Rs. 500 crores towards its ESG initiatives. These initiatives are a part of the company’s Good & Green vision which is aligned to the UN’s Sustainable Developmental Goals and was launched by the organization over a decade ago.
Jamshyd N Godrej, along with his team of torchbearers for Good & Green – George Menezes COO Godrej Electricals & Electronics, Kamal Nandi EVP and Business Head Godrej Appliances, Tejashree Joshi Head of Environmental Sustainability and Ashwini Deodeshmukh Head of CSR & Sustainability – shared an in-depth analysis of G&B’s ESG commitments and targets that are aligned to create a competitive value for one of India’s leading conglomerates.
Revealing the company’s commitment towards sustainability and social transformation, Jamshyd N. Godrej said, “We are pleased with the impact that we have achieved in our mission towards sustainable and inclusive growth. At Godrej & Boyce, we focus on four key strategic pillars – employability, innovating for Good & Green products, creating a greener India and creating shared value through community development. We are working relentlessly to contribute towards India’s Sustainable Development Goals (SDGs) for 2030, while simultaneously creating value for our business, the communities and the planet through our unique and scalable initiatives”.
Godrej further mentioned, “Together, my team and I have set ambitious goals for ourselves. We are committed to generate over 1/3rd of our overall revenues from Good & Green products by FY22”. Over the last 10 years, Godrej & Boyce has invested 18cr in their skilling initiative- Disha and has observed a social return of 6X. The company has also facilitated green building footprints of 300 million+ square feet and 300+ gold and platinum rated projects, including manufacturing facilities and buildings of their own.
George Menezes commented saying, “Godrej & Boyce has been doubling its energy productivity through a holistic energy management approach by enhancing operational efficiency and adopting green technologies using real-time data and analytics”.
Kamal Nandi further revealed that 54% revenue of Godrej Appliances comes from Good & Green Products. He also shared that the business uses 50% renewable energy in its manufacturing facilities across the country. They have also collected and responsibly recycled 39,900MT of e-waste. The business has also been supporting India’s Covid-19 vaccination drive and has delivered 25,000 vaccine refrigerators and freezers in the last one year.
Commenting on the environment sustainability targets and goals of Godrej & Boyce, Tejashree Joshi said, “Godrej & Boyce has been taking various measures to ensure a greener India and the results are showing. Having facilitated over 600 green buildings, it has achieved 50% reduction of specific energy and water use, conserved several acres of Mangroves in Vikhroli that has sequestered over 10 lakh tons of carbon to being water positive since FY17, the company has been making significant strides in creating value through its environment sustainability initiatives”.
Aligning the company’s growth with its social impact, Ashwini Deodeshmukh shared that creating employability continues to be a focus for Godrej & Boyce. Over the last 10 years, the Disha initiative has trained 1.6 lac youth across 18 states and 80 towns and cities. Through providing infrastructure interventions and other such initiatives, Godrej & Boyce has improved the quality of education for over 6800+ children.
CSR and sustainable development have been the core ethos at Godrej & Boyce since its inception the company has made considerable strides across all the three pillars of ESG. The ESG goals have been set to create a financial value in a sustainable manner and with a positive outcome for the society.
The Company’s energy productivity has nearly doubled in the last 10 years.
ESG commitments announced by Godrej & Boyce include:
– Doubling energy productivity by 2030 (The Company has joined the EP100 global business revolution)
– Generate over 1/3rd of overall revenues from Good & Green products by FY22
– Reduce carbon intensity by 60% by 2030
– All manufacturing activities across locations will continue to be ‘Water Positive’ and nearly ‘Zero Waste to Landfill’
– Introduce recycled content up to 25% in plastic product packaging
– Commitment to continue offsetting its plastic quantities by 100%
– Continuing support for disaster management programs
– Over the last ten years, Godrej & Boyce has invested more than Rs. 500 crores towards its ESG initiatives.
Impact of ESG initiatives in the last 10 years:
– The energy productivity in the last 10 years, has nearly doubled (+96%)
– Today, over 125+ products have external Green Product Certification and 23% of revenue(average) is derived from Good & Green Products
– 50% renewable energy share in the manufacturing units
– 13% drop in manufacturing units’ energy consumption over 4 years
– G&B has already reached the halfway mark, off-setting 48% of their carbon footprint in the last 10 years.
– All manufacturing units are water positive
– 39,900 MT of e-waste collected & disposed responsibly
– 25000 Vaccine Refrigerators & freezers delivered during the last one year for participation in Covid Vaccination Drive
– 1st country in India to introduce Ozone Depletion Substance (ODS) free Refrigerators
– India’s first company to facilitate India’s 1st ‘Net Zero’ Building under Indian Green Building Council (IGBC) Rating system
– The first company in India to introduce Refrigerators, free of CFC, HFC & HCFC. Also, the first Company in the world to produce Air Conditioners that have a ‘Zero’ Ozone Depletion Potential (ODP) and minimal Global Warming Potential (GWP)
– Continuing to protect several hundred acres of mangroves in Vikhroli area of Mumbai and around 60,000 equivalent tonnes of CO2 is sequestered every year through these mangroves
– 90 endemic plant species and 1200+ plants have been conserved
– Initiatives for education of children which focus on infrastructure development and introduction of new technology for improving learning outcomes have reached 6800+ children across 41 schools
– Over the last 10 years, the DISHA initiative has trained 1.6 lac youth across 18 states and 80 towns and cities.
5300 women across 3 cities have been empowered to form 117 SHGs and 29 enterprises.
– Women led enterprises have generated a revenue of Rs. 33 lacs.
– Implementing policies to safeguard women in the workforce. With the maternity benefit policy in effect, the return-to-work ratio is 98%
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