Adani Ports and Special economic Zone Limited (APSEZ) has become one of the few Indian companies and the first Indian port to sign up for Science Based Targets initiative (SBTi).
Through SBTi, companies are responding by committing to set science-based emissions reduction targets — across their entire value chain — that are consistent with keeping global warming to 1.5°C above pre-industrial levels.
Committed companies have 24 months to have their targets approved and published by the SBTi.
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.
“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.
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.
SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practices in science-based target setting and independently assesses companies’ targets. Over 800 companies have committed to set science-based emissions reduction targets.