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Highlights:
- Disclosure comes through ESG (Environment, Social and Governance) of the newly published company.
- The company said it is also committed to becoming carbon neutral by 2050.
More and more companies around the world are trying to become carbon neutral and increase the share of renewable energy in their energy mix for energy operations. Leading tire manufacturer Apollo Tires is one of the latest companies to jump on this bandwagon. Apollo Tires has revealed in its new ESG (Environment, Social and Governance) commitment that the world’s leading tire company will supply at least 25 percent of its energy from renewable energy sources by 2026. The company said in brief. It also promises to become carbon neutral by 2050.
To achieve carbon neutrality, the company is improving Scope-1 and Scope-2 emissions intensity by 25% in 2026 compared to the base year of 2020. Apollo tires will increase the share of total energy in renewable energy to 25%. At the same time, will increase the use of sustainable raw materials to reach 40% in 2030 in order to promote Sustainable development.
Speaking about the set goals, Neeraj Kanwar, Vice President & MD, Apollo Tires Ltd, said, “With the desire to be carbon neutral by 2050, we are working towards creating climate resilient operations. Dedicated teams and investments are being made in energy saving initiatives and towards renewable energy to prepare for the future and contribute towards a decarbonised tomorrow.”
Apollo Tires said climate change and greenhouse gas (GHG) emissions have become major challenges for companies, governments and society. The company has a system to monitor and analyze its GHG emissions, which is independently verified by a third party, and reports annually on its sustainability disclosure.
An official statement held, “Apollo Tires has undergone a climate risk assessment in accordance with the Climate-related Financial Disclosure (TCFD) framework. Based on the identified areas, mitigation strategies have been established.” And made an action plan, to implement it.”
It is said that the Andhra Pradesh site in India is already completely using biomass. Apollo’s Vadodara facility has captive capabilities for solar and wind power. Due to the energy crisis in Europe, the operation is constantly improving according to its energy efficiency. At an organizational level, nearly 10% of energy needs in FY22 are met by renewable sources, and the company is committed to increasing that to 25% by 2026, Apollo Tires said.
Cleantech Solar has built a 10 MW solar power system installed at the Apollo Tires factory in Chennai which has ensured the supply of 40 million units of green energy.
To further its sustainability efforts, Apollo partnered with Tata Power earlier this year to build public charging stations across India to increase the adoption of electric vehicles in India and protect the environment from the burning of fossil fuels.
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