Adani Ports and Special Economic Zone Ltd (APSEZ) has become the first port in the country and seventh Port in the world to sign the Science Based Targets initiative (SBTi). Now APSEZ will set science-based emissions reduction targets across their value chain. Under the agreement, the committed companies have to maintain global warming to 1.5°C above pre-industrial levels and they get around 24 months to hit their targets and published by the SBTi.
Adani Ports and Special Economic Zone Ltd: About SBTi
SBTi stands for the Science Based Targets initiative. It is a joint initiative of the following organisations:
- CDP – a not for profit charity mainly works for the environment related issues.
- UN Global Compact (UNGC) – a voluntary initiative that the committed help companies to sharpen their sustainability risks and different environment concerns.
- World Resources Institute (WRI) – a research organisation mainly works on six-set goals to achieve a healthy environment.
- WWF – world wildlife fund mainly works for the conservation of the planet by saving endangered plants and animals.
“SBTi mainly aims to increase corporate ambition on climate action by mobilising companies to set greenhouse gas emission reduction targets consistent with the level of decarbonisation required by science to limit warming to less than 1.5ºC / 2°C compared to preindustrial temperatures.”
At present a total of 800 companies have been committed to SBTi and Adani from India is one of them.
After getting committed to SBTi, Karan Adani, the CEO and permanent Director of APSEZ stated –
“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.”
At the same time, Adani Ports and Special Economic Zone Ltd is also a part of Taskforce on Climate Related Financial Disclosure (TCFD) which looks after the climate-related financial risk disclosures for the company. At present a total of 16 Indian companies are a part of TCFD.