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Adani Ports and Special Economic Zone Ltd (APSEZ) has signed up for the Science-Based Targets initiative (SBTi) becoming the first Indian port to commit 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.
Companies signing a commitment letter to SBTi have 24 months to have their targets approved and published by the SBTi, a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
Science-based targets are greenhouse gas emissions pruning targets that are in line with the level of decarbonization required to meet the goals of the Paris Agreement – to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.
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.
APSEZ is among 43 Indian companies who have signed a commitment letter to 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. 16 Indian companies are supporting the TCFD out of which two are Adani Group’s subsidiaries.
“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," said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.
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