Dr. Reddy’s Laboratories has committed to reduce its greenhouse gas (GHG) emissions by 55% in ten years. The pharma major said this on Monday while announcing that it has joined the Science Based Targets initiatives.
A joint initiative of Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institutes (WRI) and World Wide Fund (WWF), SBTi provides companies with a defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions to limit global warming to well below 2 °C above pre-industrial levels.
Dr. Reddy’s is the first Indian and the third Asian pharmaceutical company to have set its Science-Based Targets to further minimise environmental impact, a release from the drugmaker said. The company has committed to reducing its Scope 1 and 2 GHG emissions by 55% by 2030 from a FY2017-18 base year, which are in line with the latest climate science of limiting global warming to below 1.5 °c above pre-industrial levels, the release said.
Co-chairman and Managing Director G.V.Prasad said, “Continuous improvement in our environmental performance is a notable aspect of our sustainability journey. We are delighted to join SBTi in taking a science-based approach to set our GHG emission reduction targets and accelerating our efforts to creating a positive impact on our planet.”
As of 2019-20, Dr. Reddy’s has reduced its Scope 1 emissions by 8.6% and Scope 2 emissions by 20.7% over the baseline (2017-18). The combined Scope 1 and 2 emissions have been reduced by 13% over the same base year, putting it on a fast track to achieving GHG reduction targets, the release said.