BackUltraTech Cement commits to 100% renewable energy usage by 2050
UltraTech said it has scaled up its contracted renewable energy capacity by 2.5 times in the last two years
PremiumUltraTech Cement Ltd, the largest manufacturer of grey cement, white cement and ready-mix concrete in India, has announced its commitment to 100% renewable energy usage by 2050.
The commitment was made as part of Climate Group’s RE100 initiative at Climate Week NYC 2021.
RE100, led by Climate Group in partnership with CDP, brings together the world’s most influential businesses committed to 100 per cent renewable electricity.
In the last two years, UltraTech said it has scaled up its contracted renewable energy capacity by 2.5 times. The Company has already set a target to scale up its green energy mix to 34% of its total power requirement by 2024, from the current levels of 13%.
Speaking on the commitment, Kailash Jhanwar, Managing Director of UltraTech Cement said: “We have made tremendous progress in scaling up the use of green energy in our operations. The commitment to move to 100 per cent renewable energy to meet our electrical energy requirements by 2050 is both a reflection of our confidence on the progress we have made, as well as our commitment to overcome the challenges ahead.
"With us now joining the RE100 group, UltraTech will become part of a high-profile global campaign that advocates for a strong business case in transitioning to renewable energy sources in building a decarbonized economy," he said.
In FY21, UltraTech said it took another important step with the validation of its GHG emission reduction targets by the Science Based Targets Initiative (SBTi). The company says it is committed to reduce its Scope 1 GHG intensity by and Scope 2 GHG intensity by 69%, both by 2032 from the base year of 2017.
UltraTech’s GHG reduction targets also include UltraTech’s target to lower its CO2 intensity in cement to 462 kg net CO2 per ton of cementitious material (net CO2/t.cem.) by 2032.
So far, a total of 6 per cent reduction in Scope1 CO2 emissions has been achieved with the base year of 2017.
"UltraTech is also the first company in India and the second company in Asia to link its financial commitments with sustainability targets through the issuance of dollar-based sustainability linked bon," it said in an exchange filing.
On Thursday, UltraTech Cement's scrip closed flat at ₹ 7,628 on NSE.
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