~ New Initiative Strengthens Commitment to Climate Action ~
Mumbai, February 18, 2020: India’s leading vacation ownership company, Mahindra Holidays & Resorts India Ltd. (MHRIL) has become the first hospitality company in India to receive an approval from the Science Based Targets initiative (SBTi). The company has committed itself to reducing Scope 1, Scope 2 and Scope 3 Green House Gas (GHG) emissions by 88.3 % per room night booked, by 2031, from a 2016 base year.
SBTi targets are a powerful way of boosting companies’ competitive advantage as they transition to a low-carbon economy. It is a collaboration between the CDP (formerly the Carbon Disclosure Project), the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
The objective is to help companies determine, as well as limit, their greenhouse gas emissions and support the aims of the Paris Climate Agreement. Science Based Targets Initiatives align themselves with the long-term goals of this historic agreement, to restrict the increase in global average temperatures to well below 1.5°C compared with pre-industrial levels.
Commenting on the SBTi approval, Mr. Kavinder Singh, MD & CEO, Mahindra Holidays & Resorts India Ltd (MHRIL) said, “At MHRIL, sustainability is one of the core foundations of our policies and actions. We are the pioneers in adopting green practices for over two decades now. Becoming the first hospitality company in India to get approval for our SBTs, we aim to deliver world class experiences to our guests and ensure sustenance of the environment, biodiversity around our resorts and in our value chains. We are committed to bring a focused roadmap to reduce our greenhouse gas emissions and lower our carbon footprint in line with SBTs. This initiative is also aligned with MHRIL’s commitment to becoming carbon neutral by 2040.
Congratulating the team, Anirban Ghosh, Chief Sustainability Officer, Mahindra Group added, “Setting up Science-based targets is a good way to align business strategy with the goals of the Paris Agreement. Achieving Science Based Targets will help ensure business growth while taking climate action. It will also enable the business to take the supply chain along in this journey.”