Dr Reddy’s Laboratories Ltd has joined the Science Based Targets initiative’s (SBTi) business ambition for 1.5°C, becoming the first Indian and the third Asian pharmaceutical company to have set its SBTi to further minimise environmental impact.
The Hyderabad-based company has committed to reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 55 per cent by 2030 from a FY18 base year, which are in line with the latest climate science of limiting global warming to below 1.5°C above pre-industrial levels.
“Continuous improvement in our environmental performance is a notable aspect of our sustainability journey. We are delighted to join SBTi in taking a science-based approach to set our GHG emission reduction targets and accelerating our efforts to create a positive impact on our planet,”' GV Prasad, Co-Chairman and Managing Director, Dr Reddy's, said in a release.
As of FY20, Dr. Reddy’s has reduced its Scope 1 emissions by 8.6 per cent and Scope 2 emissions by 20.7 per cent over the baseline of FY18.
The combined Scope 1 and 2 emissions have been reduced by 13 per cent over the same base year, putting it on a fast track to achieving GHG reduction targets.
Science-Based Targets initiative (SBTi) is a a joint initiative of Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institutes (WRI) and World Wide Fund (WWF).
It provides companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions to limit global warming to well-below 2°C above pre-industrial levels.
So far, 472 companies have already set their targets as per SBTi. In the pharmaceutical and biotech sector globally, 17 companies have successfully set their emission reduction targets affirming their pledge to mitigate climate change impacts.