Tech Mahindra Signs UN Global Compact Initiative Statement on Climate Action
- Tech Mahindra, a provider of digital transformation, consulting and business reengineering services signed a joint declaration with UN Global Compact urging governments to align their COVID-19 recovery efforts with the latest climate science.
- Tech Mahindra reaffirms its commitment to achieving net-zero carbon emissions while calling on governments to “prioritize a faster and fairer transition from a grey to a green economy.” By moving towards a zero-carbon resilient economy, Tech Mahindra aims to reduce carbon footprint, emissions and will conserve energy using new-age technologies like internet of things, artificial intelligence and blockchain, according to a release.
- The investment from Mubadala comes in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
- Furthermore, an internal Carbon Price of $10/ton CO2 has also been implemented by the company to boost green investments and have also adopted a low emission technology path to increase the use of renewable energy from 1.7% in 2016 to 18% in 2020. Tech Mahindra has also set targets to increase the renewable source of energy to 50% by 2025.
- Tech Mahindra has joined 155 global companies in calling for policies that will build resilience against future shocks by supporting efforts to hold global temperature rise to within 1.5°C above pre-industrial levels, in line with reaching net-zero emissions well before 2050.
- The statement comes as governments around the world are preparing trillions of dollars’ worth of stimulus packages to help economies recover from the impacts of the coronavirus pandemic, and as they prepare to submit enhanced national climate plans under the Paris Agreement.
- CP Gurnani, MD & CEO, Tech Mahindra, said, “COVID-19 has allowed all of us to reconfigure our priorities and understand the importance of building a sustainable world – by focusing on healthcare and leveraging technology to enable new ways of working. We are committed towards building a sustainable business with responsibility and by creating value for our stakeholders, while also keeping in mind the long-term impacts on the environment. It’s time to focus on and implement technology-led solutions that will help us reboot.”
- The United Nations Global Compact has stated that the 155 signatories across 34 sectors and have a combined market capitalization of more than $2.4 trillion, representing five million employees. The business voices are convened by the Science Based Targets Initiative (SBTi) and its business ambition for 1.5°C campaign partners, the UN Global Compact and the We Mean Business coalition.
- Sandeep Chandna, chief sustainability officer, Tech Mahindra, said, “COVID-19 has made businesses realise the importance of adopting strategies which will deliver innovative solutions without adversely affecting the environment. Our commitment towards going carbon neutral, conserving, and deploying resources efficiently will enable helps us to accelerate our transition to a low carbon economy while creating sustainable value for our stakeholders. As part of our TechMNxt charter, we have incorporated reduction of emissions as a key aspect to every function’s mandate and our overall business strategy.
About Tech Mahindra-
Tech Mahindra Limited is an Indian multinational subsidiary of the Mahindra Group, providing information technology services and business process outsourcing to companies in various vertical and horizontal markets.
- Founded – 1986
- Headquarters – Pune, Maharashtra
- Chairman – Anand Mahindra
- MD & CEO– Chander Prakash Gurnani
About UNGC –
The United Nations Global Compact is a non-binding United Nations pact to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to report on their implementation.
- Formation – 26 July 2000
- Headquarters – New York, USA
- CEO & Executive Director– Ms. Lise Kingo
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