31st October 2022: Hirdaramani Group announces its commitment to the Science Based Targets Initiative (SBTi). With this announcement they officially join a select group of companies globally taking action to limit global warming to 1.5C and prevent the worst impacts of climate change.
The setting of SBTI’s supports the groups pledge to align with the 2015 Paris agreement as outlined in their recent 2025 Sustainability Roadmap – Future First. (www.hirdaramani.com/sustainability/)
The company has committed to both ‘near term goals’ and ‘net zero emissions’ within the SBTi framework and is now in the process of setting and verifying their targets. This will then be fully embedded into its 2025 Sustainability Roadmap.
Science-based targets are emissions reduction targets in line with what the latest climate science says is needed to meet the goals of the Paris Agreement – limiting global temperature rise to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.
The Science Based Targets initiative (SBTi) is a global collaboration between CDP, United Nations Global Compact, World Resources Institute and World Wide Fund for Nature which supports companies through the process to create tangible goals to reduce scope 1, 2 and 3 emissions by an amount and timetable relevant to the size of the organization.
“At Hirdaramani, we are always putting the Future First and our sustainability road map is a key component of this. Though we have made some significant strides in reducing our emissions over the years, our commitment to SBTi ensures our net zero plan is in line with the latest climate science,” said Nikhil Hirdaramani, Director, Hirdaramani Group.
“A lot of the work we do on environmental sustainability at Hirdaramani revolves around emission reductions , for us this commitment to SBTi is an opportunity to push ourselves further, learn more and do more as we strive to meet the aggressive emission goals needed to make a real impact on the climate crises. The need for change is urgent and this is one more step in the right direction for us,” said Yashinth Wijerathne Assistant Manager – Environmental Sustainability, Hirdaramani Group.
By committing to the SBTi Net-Zero Framework and joining the Business Ambition for 1.5°C, companies ensure their net-zero commitments follow the necessary scientific rigour to deliver the decarbonization needed to achieve the goals of the Paris Agreement.
“We have always understood that collaboration, on both local and global scales, is essential for us to be able to make a true impact on climate change. This is not a race where one company wins and another loses but rather a race to save our planet, and day by day the urgency increases. Organizations such as the SBTi helps drive this collaboration, commitment and sense of urgency while also empowering best practices across all sectors. As businesses such as ours take this step in Asian countries we hope it sets a precedent that many more will follow,” added Nikhil Hirdaramani, Director, Hirdaramani Group.