SBTi – Bringing Real Change in Real Estate!
There is a massive difference in the amount of effort and thought being put into tackling emission reduction at government level, across the globe. With 11,000 scientists collectively declaring a climate emergency it is more than evident that we are snowballing into disastrous circumstances if we continue down the path of climate inaction.
However, the private sector has commendably risen up to the challenge, with close to 690 companies setting science-based targets. The first step towards climate action is to acknowledge climate change and accept that by maintaining temperature rise to 1.5 degrees (above pre-industrial levels) will directly translate to preventing millions from being exposed to fatal heat waves, drought and sea level rise etc.
Taking measures like optimizing resource use, reducing energy and water use, limiting waste generation and cutting carbon emissions, companies are slashing huge costs, becoming resilient and displaying world class stewardship. They are already setting a well-defined path for other companies to follow suit! In addition to immense economic benefits, this collective action will aid in averting a mass global vertebrate and plant species extinction.
SustainPlus is proud to announce that the Science Based Targets of Mahindra World City Developers Ltd , Mahindra World City (Jaipur) Ltd. And Mahindra Lifespace Developers Limited have been approved and set!! What one must note is that so far there are just 294 Companies across the globe, who have got their SBTi targets approved, with just 9 of them from India!!! Moreover, these are the first 3 companies, from the real estate sector in India, to come forward and set stringent targets against SR1.5.
The built sector is responsible for almost 40 percent of the world’s Green House Gas (GHG) emissions, making it absolutely vital for this sector to achieve the Paris Agreement targets. By reducing the GHG emissions from all its operations and value chain, any company can increase its resilience and competitiveness in a low-carbon economy.
We worked closely with the 3 organizations and helped them set these targets against scenario 1.5 Degrees or SR1.5. With these defined targets these businesses, internally, will witness significant improvements in heating, ventilation and air conditioning equipment, along with greater use of efficient lighting, and improved infrastructure. Alongside these efficiency programs, other interventions involve – expanding the use of renewable energy sources, and introducing green building principles etc. All these efforts fall in their contingency plan to protect their business from the impact of climate change. While on the business performance front, these companies will experience consumer preference, enhanced brand image and not to mention their ESG rating will also improve thereby gaining investor confidence. Setting the targets requires a robust inventory and thorough analysis of your goals and objectives. However, all that effort is justified in the guarantee that their business will be proportionally resilient to the adverse effects of climate change.
We @SustainPlus work with companies across all sectors, to help them not only define their Climate Action roadmap but also and If you would like to know more about Science Based Targets or how your company could be one of the first movers in your sector in taking Climate Action, do reach out to us @SustainPlus (www.sustainplus.in) or comment below and we shall reach out to you for sure!