Dr. Reddy’s Laboratories 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 Science-Based Targets to further minimize environmental impact.
The Company has committed to reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 55 percent by 2030 from a FY 2017-18 base year, which are in line with the latest climate science of limiting global warming to below 1 .5 °c above pre-industrial levels.
Commenting on the development, G V Prasad, Co-chairman and Managing Director, Dr. Reddy’s Laboratories, said, “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.”
As of FY 2019-20, Dr. Reddy’s has reduced its Scope 1 emissions by 8.6% and Scope 2 emissions by 20.7% over the baseline of FY 2017-18. The combined Scope 1 and 2 emissions have been reduced by 13% over the same base year, putting it on a fast track to achieving GHG reduction targets, the press release said.
Science-Based Targets initiative (SBTi), a joint initiative of Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institutes (WRI) and World Wide Fund (WWF), 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. 472 companies have already set their targets as per SBTi.
In the Pharmaceutical & Biotech sector globally, 17 companies have successfully set their emission reduction targets affirming their pledge to mitigate climate change impacts.
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