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Tech Mahindra Recognized as Global Leader on Climate Change for Four Years in a Row

Posted On: 2020-02-19 21:04:01


Tech Mahindra, a leading provider of digital transformation, consulting and business reengineering services and solutions announced today that it has been recognized as a global leader on climate change for four years in a row. Tech Mahindra is one of the only four Indian companies to secure a position in the Climate Disclosure Project (CDP) Global Supplier A List in 2019 for engaging with its suppliers on climate change.

Tech Mahindra has been recognized for its actions and strategies to reduce emissions and manage climate risks in its supply chain in the past reporting year, by Climate Disclosure Project (CDP), an international Non-Government Organization (NGO) that drives sustainable economies.

Sandeep Chandna, Chief Sustainability Officer and Chief Customer Officer, Tech Mahindra said, "With an eye on driving equitable business growth, we at Tech Mahindra are committed to deliver innovative solutions without adversely affecting the environment. Being featured on the Global Supplier A List under the Carbon Disclosure Project among the four other Indian companies, is indeed a testimony of our sustained efforts towards realizing the climate change goals. As part of our TechMNxt charter, we have incorporated reduction of emissions as a key aspect to every function's mandate and our overall business strategy."

Over 4,800 companies in total were assessed by CDP and given a Supplier Engagement Rating, based on answers to selected questions about governance, targets, scope 3 emissions, and value chain engagement of their response to the CDP 2019 climate change questionnaire and their overall CDP climate change score. Tech Mahindra is among the top 3% of organizations assessed by CDP, one of the 159 companies featured on the Leaderboard this year.

Dexter Galvin, Director of Corporates and Supply Chains at CDP, said, "Congratulations to all the companies on the CDP Supplier Engagement Leaderboard for this year. They are showing leadership on engaging their suppliers to manage climate risk and cut emissions. Given that supply chain emissions are on average 5.5 times as high as a company's operational emissions, this couldn't be more crucial. If we are to achieve the goals of the Paris Agreement and decarbonize the economy, then other companies learning from these leaders and engaging their suppliers is going to be vital."

The Supplier Engagement Leaderboard is available on CDP's website. It follows on from CDP's most recent supply chain report, Changing the Chain, which showed the vast potential for driving climate action at scale in the supply chain. The report found that major companies working with CDP have potential to cut a gigaton of emissions by driving their suppliers to increase their average proportion of renewable power by 20 percentage points. The full list of 159 companies to achieve a place on the CDP Supplier Engagement Leaderboard is available at: www.cdp.net/en/research/global-reports/changing-the-chain?#supplier-engagement.

Tech Mahindra has effectively integrated climate change in its Enterprise Risk Management Framework. This helped identify fuel and energy tax risk which were addressed by using low emissions energy solutions and adopting clean/green technologies. Since April 2015, Tech Mahindra has achieved nearly US$2.3 million cost savings by deploying solar power, and leveraged cost savings worth nearly a quarter of a million dollars by installing energy-efficient equipment. Tech Mahindra has also saved 23.7 million units of grid electricity in 2018-19. In addition, their Business Continuity Planning (BCP) exercise continually monitors risk assessment and mitigation measures, which cover their key functions, projects and systems.

Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.841.25 as compared to the previous close of Rs. 838.55. The total number of shares traded during the day was 18970 in over 937 trades.

The stock hit an intraday high of Rs. 844 and intraday low of 836.05. The net turnover during the day was Rs. 15942414.


Source: Equity Bulls

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