Adani Ports and Special Economic Zone Ltd (APSEZ) becomes the 1st Indian port and 7th Port globally to sign up for the Science-Based Targets initiative(SBTi). By signing the commitment letter to SBTi, APSEZ is committed to set science-based emissions reduction targets(across their entire value chain) that keep global warming to 1.5°C above pre-industrial levels.
- APSEZ is one out of 43 Indian companies who have signed a commitment letter to SBTi.
- APSEZ has also signed a commitment as a supporter to the Task Force on Climate Related Financial Disclosure (TCFD).
The science based targets are greenhouse gas emissions reduction targets that are in line with the level of decarbonisation required to meet the goals of the Paris Climate Agreement ie., to control global warming below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.
- SBTi is a collaboration between CDP(formerly the Carbon Disclosure Project), the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
- The SBTi defines and promotes the best practices in science-based target setting and independently evaluates the target of the company.
- About 800 companies have committed to set science-based emissions reduction targets.
Note– Companies who sign a commitment letter to SBTi have 24 months to have their targets approved and published by the SBTi.
Task Force on Climate Related Financial Disclosure(TCFD)
i.TCFD develops consistent climate-related financial risk disclosures for companies, banks, and investors to provide information to stakeholders.
ii.In total 16 Indian companies support TCFD, out of which 2 are Adani Group’s subsidiaries.
Head Office– Ahmedabad, Gujarat
Chief Executive Officer and Whole Time Director of APSEZ– Karan Adani
Chairman– Michael R. Bloomberg