As one of the world's largest cement companies, UltraTech is committed to enabling the transition to a low carbon economy. We have developed a strategic long-term plan for CO2 emissions reduction linked to business growth.
Cement is a carbon-intensive industry. We have therefore integrated a low carbon strategy into our business roadmap to address SDG 13 (climate change goal) based on COP 21 of the United Nations Framework Convention on Climate Change (UNFCCC).
Our strategy is governed by energy and carbon policy which has been adopted by all our units. We have undertaken a voluntary strategy to reduce the impact of our operations on climate change. As a member of international and national organizations such as GCCA, FICCI, CII and CMA, we are committed to publishing our emission data and to set environmental performance targets. UltraTech has committed to Science Based Targets and has aligned its business plans to the requirements of Paris Agreement.
SBTi has validated our CO2 emissions target. We have committed to reduce scope 1 CO2 emissions 27% per ton of cementitious material by FY2032, from a FY2017 base year. UltraTech has also committed to reduce scope 2 CO2 emissions 69% per ton of cementitious material within the same time frame.
UltraTech has recently adopted the TCFD framework and is a supporter to the TCFD recommendations issued by Financial Stability Board (FSB). We have also championed deployment of internal carbon pricing (ICP) in our business processes. We find ICP as an excellent tool for accelerating decarbonization across the value chain and to enable this transition within the company.
We contribute to the climate actions by integrating low carbon strategy and scaling up investments in the development of innovative products and services, improving energy efficiency, increasing the share of renewable energy and by switching from fossil fuels to alternative materials.
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