Tech Mahindra Ltd, an IT subsidiary of the Mahindra Group, has signed a joint declaration with the United Nations Global Compact, urging governments to align their Covid-19 recovery efforts with the latest climate science, according to the company’s official release.
Tech Mahindra said with this initiative it reaffirmed the science-based commitment of achieving net-zero carbon emissions while calling on governments to “Prioritize a faster and fairer transition from a grey to a green economy”.
Tech Mahindra aims to reduce carbon footprint, emissions and will conserve energy using new-age technologies such as the internet of things, artificial intelligence, and blockchain, the tech company mentioned.
Furthermore, an internal Carbon Price of $10/tonne of CO2 has also been implemented by the company to boost green investments. It has also adopted a low emission technology path to increase the use of renewable energy from 1.7 per cent in 2016 to 18 per cent in 2020, Tech Mahindra noted.
It has also set targets to increase renewable sources of energy to 50 per cent by 2025.
Tech Mahindra is one of the 155 global companies calling for policies that will build resilience against future shocks by supporting efforts to hold the global temperature rise to within 1.5°C above pre-industrial levels, in line with reaching net-zero emissions well before 2050.
The statement comes as governments around the world prepare trillions of dollars worth of stimulus packages to help economies recover from the impact of the coronavirus pandemic. The international multilateral bodies are also preparing to submit enhanced national climate plans under the Paris Agreement.
C.P. Gurnani, MD & CEO, Tech Mahindra, in an official statement said: “COVID-19 has allowed all of us to reconfigure our priorities and understand the importance of building a sustainable world - by focusing on healthcare and leveraging technology to enable new ways of working. At Tech Mahindra, we are committed towards building a sustainable business with responsibility and by creating value for our stakeholders, while also keeping in mind the long-term impacts on the environment. It’s time to focus on and implement technology-led solutions that will help us reboot.”
The United Nations Global Compact has stated that the 155 signatories span across 34 sectors and have a combined market capitalization of more than $2.4 trillion, representing 5 million employees. The business voices are convened by the Science-Based Targets initiative (SBTi) and its Business Ambition for 1.5°C campaign partners, the UN Global Compact, and the We Mean Business coalition.
Sandeep Chandna, Chief Sustainability Officer, Tech Mahindra, said in the official release: “COVID-19 has made businesses realise the importance of adopting strategies which will deliver innovative solutions without adversely affecting the environment. Our commitment towards going carbon neutral, conserving, and deploying resources efficiently will help us to accelerate our transition to a low carbon economy while creating sustainable value for our stakeholders. As part of our TechMNxt charter, we have incorporated a reduction of emissions as a key aspect to every function’s mandate and our overall business strategy.”