Carbon Neutral by 2040: Science-based targets in place

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Executive Summary

The United Nations set a goal of Net Zero by 2050 as part of the global fight against climate change. Each country that is part of the treaty must set clearly defined NDCs (Nationally Determined Contributions) that it intends to achieve and the actions that will be taken to ensure that the determined contributions become a reality. When the UNFCCC met in Glasgow at COP26 in November 2021, India committed, amongst other measures, to achieve Net Zero by 2070. Mahindra Group proudly stands as a pioneer in India’s contribution towards sustainable future climate action. Mahindra Group is part of the World Economic Forum’s “First movers coalition“ alongside Amazon and Apple to promote zero-carbon technologies. Mahindra and Mahindra Ltd. is the first Indian auto company on the World Index of DJSI. Mahindra group was among the first to publish a sustainability report as early as F08. The group is committed to becoming carbon neutral by 2040 for Scope 1 and 2 through three main drivers for decarbonization: Energy reduction through energy-efficient equipment and process innovations, carbon sinks created through afforestation, and renewable energy adoption aligned with science-based targets, which are in place for Scope 1,2 and 3.

In this blog, we articulate the notable accomplishments of the group's different business units. Many of them are ongoing initiatives.

Mahindra is Water Positive at Group level since 2014

Mahindra and Mahindra

Renewable energy share of total energy reached 32% in F23 compared to 12% in F22. Significant contributors - Solar power project at Parbhani and Rudrapur. Scope 1+2 reduction of 43.6% in the Auto Sector in F23 (vs F19). The corresponding reduction was 23% in FES in F23 (vs F19)
XUV-4OO is the first e-SUV produced using only renewable energy in a 100% water-positive facility at the company’s facility in Nashik, Maharashtra.
The introduction of heat recovery units at the Swaraj plant resulted in a 20%+ reduction in the hot water generator's PNG consumption, a reduction of 30+ lakh kC/Day in environmental heat load, and a decrease in CO2e emissions by 500+t/Y.
Intelligent EC blowers were installed to replace conventional AHUs, while BLDC air circulators, HVLS, and BLDC + HVLS replaced conventional air circulators. This resulted in a nearly 1300 t CO2e reduction in emissions and a cost savings of INR 1.2 crore.
Mahindra recognizes the importance of creating natural carbon sinks and reducing greenhouse gas effects through tree plantation, reforestation, and regenerative agriculture. 24.86 million trees have been planted under our flagship Hariyali Project, achieving carbon sequestration of > 153 k tonne CO2e.
A three-year roadmap has been implemented to enhance supplier sustainability and meet our target of reducing embedded carbon, achieving SBT Scope 3, carbon neutrality, and maintaining a disruption-free supply chain.
M&M Ltd. has established an internal carbon pricing mechanism. A carbon price of $10 per ton of CO2e emitted has been implemented, funding the innovative technologies and processes required to enhance energy efficiency.

Mahindra Lifespaces

The business launched its first Net-Zero Energy Project, Mahindra Eden, Bengaluru. It is designed to achieve energy savings 30%+ compared to conventional designs and generate 5-10% of on-site renewable energy through solar rooftops and wind.

Tech M

The business increased Renewable Electricity share from 1.77% (with baseline year FY15-16) to 21.90% in FY 2022-23. The company has also implemented internal carbon pricing of $13 per ton of CO2e.

Mahindra Susten

This is one of India's most significant renewable power EPC companies. It has an operational portfolio of renewable IPP (Independent Power Producer) of over 1.55 gW+ across India and a presence in five states.

Club Mahindra

11 resorts are platinum-rated, and one Is gold-rated and IGBC-certified.
Solar power has been commissioned in 25 resorts (currently 19% of the total resorts).
Kanha Resort was the first resort in India to run on 100% RE.
Madikeri resort was India's first to achieve a Triple “0” rating

Mahindra Finance

The business has reduced 24+ lakh kwh of energy as of F23 through various innovations.
CFL lights were substituted with LED lights.
Air conditioning systems and blade servers were upgraded to achieve higher efficiency.
3-star fixed-speed ACs were replaced with 5-star inverter split ACs.
Efficient BLDC fans replaced conventional fans.
Another significant initiative is financing 18,200 EVs during the year F 23.

Mahindra Logistic

eDel is an electric ecosystem for last-mile delivery, with qualitative benefits of 13+ million clean km, over 1,200 EVs, 70+ charging hubs, presence in 15+ cities, and over 2,700 tons of GHG emissions saved.

Conclusion

The group’s efforts towards carbon neutrality not only address the challenges of climate change but also lead to increased efficiency, innovation, and sustainable business practices for the future. This commitment is aligned with UNSDG 13 - Climate Action.