Tractor and utility vehicle maker Mahindra & Mahindra today became the first Indian company to announce its internal carbon Price of $10 per tonne of carbon emitted.
Mahindra's carbon price is aligned with its business commitment to reduce its greenhouse gas emissions by 25 per cent over the next three years. Carbon pricing is an internationally recognized business tool that enables companies to create resources which are invested in low carbon technologies, which help reduce future emissions and lower operating costs.
Pawan Goenka, Executive Director, Mahindra and Mahindra, "We have reduced our carbon emissions over the years and this new carbon price will help accelerate innovation and drive our investments in energy efficient and renewable technologies."
Mahindra partnered with the World Bank and IFC led Carbon Pricing Leadership Coalition along with the World Resources Institute, India to enhance its understanding of the carbon price mechanism.
Mahindra claimed to have started reporting its emissions from 2007-08 and over the last eight years the company has reduced its carbon emissions by 47 per cent and its energy use by 32 per cent.
Some of the global companies that have announced carbon pricing are Unilever, Microsoft, Google, Royal DSM, Novartis, and EDF Energy among others.
M&M said it is committed to doubling its energy productivity by 2030 in April this year, and is the first global signatory of EP100, a program promoted by the international non-profit, The Climate Group.