Mahindra & Mahindra today became the first Indian company to announce its internal Carbon Price of 10 dollar per tonne of carbon emitted.
Mahindra's carbon price is aligned with its business commitment to reduce its Green House Gas emissions by 25 per cent over the next three years.
Carbon Pricing is an internationally recognized business tool that enables companies to create resources which are invested in low carbon technologies, which help reduce future emissions and lower operating costs.
According to Dr Pawan Goenka, Executive Director, Mahindra and Mahindra Ltd, "Mahindra is a pioneer in sustainability and is deeply committed to the creation of low carbon businesses. We have reduced our carbon emissions over the years and this new Carbon Price will help accelerate innovation and drive our investments in energy efficient and renewable technologies. We hope this encourages other companies to take action at a time when India's emissions are set to rise in a BAU scenario, in step with the country's economic growth."
Commenting on the development, Tom Kerr, Director, Carbon Pricing Leadership Coalition, The World Bank Group, said: "Mahindra & Mahindra's new internal carbon price is an excellent example for companies in India and around the world of how smart companies are taking advantage of low-carbon investment opportunities while managing carbon risk."
Mahindra adopted the new carbon price after several months of rigorous planning and effort in keeping with its progressive attitude toward sustainability. The company partnered with the World Bank and IFC-led Carbon Pricing Leadership Coalition along with the World Resources Institute, India to enhance its understanding of the Carbon Price mechanism.
Globally, proactive organisations are engaging with their board, investors and other stakeholders, to shift investments into the low carbon space. Some of the global companies that have announced carbon pricing are Unilever, Microsoft, Google, Royal DSM, Novartis, and EDF Energy among others.UNI ADP SW RSA 1740
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