Adani Port Becomes Part of Science-Based Targets Initiative to Reduce its Emissions

Adani Ports and Special Economic Zone Limited (APSEZ) announced that it has signed up for Science-Based Targets initiative (SBTi) to set emission reduction targets across its entire value chain.

The SBTi promotes a science-based target setting and independently assesses companies’ targets. Companies under this initiative get two years to have their targets approved and published by SBTi, which is a collaboration between the United Nations Global CompactCDP, the World Wide Fund for Nature (WWF), and the World Resources Institute (WRI).

Science-based targets are greenhouse gas emission pruning targets, which are in line with the decarbonization level required to achieve the Paris Agreement’s goals. The Paris Agreement set out the global framework to limit global warming to well below 2°C and pursue an effort to limit it to 1.5°C.

In a press statement, the company said that APSEZ is the only port in the country and seventh port in the world to sign the commitment letter to SBTi.

According to Adani’s statement, 43 Indian companies, have so far committed to set science-based emissions reduction targets.A total of 909 companies are taking science-based climate action, and 392 companies have approved science-based targets through SBTi.

In its press statement, APSEZ also said thatit also became a supporter of the Taskforce on Climate-Related Financial Disclosure (TCFD) that develops climate-related financial risk disclosures for companies. It provides relevant information to investors, lenders, insurers, and other stakeholders.All of 16 Indian companies, including Adani Group’s two subsidiaries, are in support of TCFD.

“As a group, we are committed to a sustainable future driven by continuous interventions in our processes and operations. APSEZ is committed to SBTi and TCFD to ensure emission reductions are achieved with defined targets towards the goal of becoming carbon neutral. This is another significant step demonstrating the Adani Group’s stated commitment of contributing to India’s COP21 targets and global climate goals,” said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ. 

 According to the company, the Adani group has set a goal to become the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030, through achieving an installed generation capacity of 25 GW of renewable power by 2025 which in turn will see a total investment of $15 billion in the renewable energy space over the next five years.

According to Mercom India Solar Project Tracker, Adani currently has approximately 2.4 GW of large-scale solar projects in operation and over 10 GW under the development pipeline.

Recently, Adani Green, the green energy wing of the Adani Group, secured the bid to develop solar projects of 8 GW capacity along with setting up a solar cell and module manufacturing capacity of 2 GW. This win, the largest in the world in a single bid, would alone entail a total investment of approximately $6 billion.

In May, Adani Green announced that its revenue rose 24% in FY 2020.