Dr. Reddy’s Laboratories Ltd. announced on Monday that it has partnered with Science Based Targets initiative’s (SBTi) business ambition for 1.5 °C, becoming the first Indian and the third Asian pharmaceutical company to have set its Science-Based Targets to further minimize environmental impact.
Dr. Reddy’s Laboratories Ltd. is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Its three businesses are Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products.
Science-Based Targets initiative (SBTi) is a joint initiative of Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institutes (WRI) and World Wide Fund (WWF), provides companies with a clearly 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.
The Hyderabad company announced through its BSE regulatory filing. “The Company has committed to reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 55 percent 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.”
G V Prasad, Co-chairman and Managing Director, Dr. Reddy’s Laboratories 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 cteating a positive impact on our planet.”
As of FY 2019-20, Dr. Reddy’s has reduced its Scope 1 emissions by 8.6% and Scope 2 emissions by 20.7% over the baseline of FY 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. 472 companies have already set their targets as per SBTi. In the Pharmaceutical & Biotech sector globally, 17 companies have successfully set their emission reduction targets affirming their pledge to mitigate climate change impacts.
