Tech Mahindra Recognized as the only Indian Company with a Double ‘A’ Score

Mumbai – February 14th, 2024: Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services & solutions, today announced that it has secured a double ‘A’ leadership ranking in corporate transparency and performance on climate change and water security by CDP, a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. As the only Indian company to have received the dual ‘A’ score, Tech Mahindra has reaffirmed its commitment to environmental leadership and proactive efforts in addressing global challenges.

CDP holds the largest environmental database in the world, and its scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. The recognition from CDP validates Tech Mahindra’s strides towards achieving ambitious sustainability goals, including carbon neutrality by 2030 and net zero emissions by 2035, coupled with significant efforts in renewable energy sourcing and water conservation initiatives. Based on the data reported through CDP’s 2023 Climate Change and Water Security questionnaires, Tech Mahindra is one of a few companies to receive a double ‘A’ rating out of over 21,000.

Sandeep Chandna, Chief Sustainability Officer, Tech Mahindra, said, “Tech Mahindra’s consistent recognition on CDP’s ‘A’ list, spanning multiple years and categories, reflects our unwavering dedication to addressing critical global challenges. Our industry-specific focus lies in combating climate change and ensuring water security, both urgent imperatives amid escalating threats to ecosystems, communities, and economies globally. We are taking steps to reduce our environmental impact by implementing sustainable practices, reducing carbon emissions, conserving water, and investing in renewable energy. Our commitment, reflected in these efforts, is a stride towards a sustainable future, symbolizing innovation, collaboration, and a resilient planet for future generations.”

As part of its commitment to addressing climate change, Tech Mahindra aims to increase renewable energy sources to 90% by 2030. In FY23, it reduced its Scope 1 and 2 emissions by 40%. The company has made significant progress, including achieving the Indian Green Building Council (IGBC) and Leadership in Energy and Environmental Design (LEED) certification for some of its campuses, implementing an internal carbon pricing strategy, and emphasizing green procurement. Additionally, it has deployed over 5,600 water restrictors and sensors to conserve water, resulting in a 30% reduction in water consumption, with 200,024.3 kiloliters of water recycled in FY23.

Sherry Madera, CEO of CDP, said, “Congratulations to all the companies on CDP’s A List, and those companies that started or accelerated their journey towards environmental transparency in 2023 – we saw a 24% increase of disclosures last year and that trajectory is to be applauded. It is only by laying the groundwork of disclosure that companies can show they are serious about the vital part they play in securing a net-zero, nature-positive future. Earning a place on the A List is about more than the score. It’s an indication of high quality, complete data that equips companies with a holistic view of their environmental impact, serves as a baseline for transition plans and – crucially – enables them to follow through on their ambitions. As we move deeper into the Decade of Action, and as CDP continually raises the bar for what represents environmental leadership, the work of A List companies is never complete. We look forward to seeing all companies turn their commitments into further and more meaningful and effective action.”

CDP uses a detailed and independent methodology to assess, allocating a score of A to D – based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Tech Mahindra has consistently been recognized on CDP’s ‘A’ list since 2014 for Climate Change.

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