An Indian multinational tyre manufacturing company has committed itself to the environmental, social, and governance (ESG) principles for a smooth journey towards carbon neutrality.
In FY23, the tyre maker reduced Scope 1 emissions by 4%, and Scope 2 emissions by 1.5% as compared to FY20.
The company is increasing its usage of renewables to meet its energy needs and has incorporated green power for its largest manufacturing unit. The tyre major bought equity stakes in a solar company in FY23, which annually supplies 40 million units of electricity to its largest manufacturing unit. It has also invested in 5-megawatt hybrid power capacity in FY23.
The results of its green power initiatives are evident - In FY23, wind and solar energy accounted for 14% of the company's total power needs. In FY23, 17% of the total power requirement of its Indian plants was met with renewable power, extracted from imported power and captive power capacities. Of all the direct energy sources used in FY23, biomass constituted 8%. The usage of biomass has helped the company in reducing 13,355 tonnes of CO2 (carbon dioxide) emissions.
The company has also taken several energy conservation steps - process design upgradation, adoption of energy-efficient equipment, equipment conversion or retrofit. In FY23, these efforts saved approximately 74,000 GJ (Gigajoules) of energy, and reduced greenhouse gas emissions by 10,547 tCO2 (total carbon dioxide). Overall, all the initiatives taken in FY23 helped the company save 1,04,187 GJ of energy.
Inflating savings by deflating carbon footprints! This inspirational story of Indian tyre maker serves twin objectives - the company positions itself as an eco-friendly player in a world that is getting increasingly sustainability conscious, and secondly it conveys the message that adoption of ESG principles makes a good business sense too.
To know more visit our ESG page
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