UltraTech Cement Limited, the largest manufacturer of grey cement, white cement and ready-mix concrete in India, has announced its commitment to Climate Group’s RE100 initiative at Climate Week NYC 2021.
As part of this commitment, UltraTech targets to meet 100 % of its electricity requirement through renewables sources by 2050. UltraTech has set a 100 % renewable electricity target for its entire global operations by 2050.
In the last two years, UltraTech has scaled up its contracted renewable energy capacity by 2.5 times. The Company has already set a target to scale up its green energy mix to 34 % of its total power requirement by 2024, from the current levels of 13 %.
“UltraTech will become part of a high-profile global campaign that advocates for a strong business case in transitioning to renewable energy sources in building a decarbonized economy,” said Kailash Jhanwar, Managing Director, UltraTech Cement.
“The RE100 announcement is in line with UltraTech’s focus to institutionalise its carbon reduction initiatives through measurable targets and commitments. RE100 provides us with an opportunity to access knowledge on emerging technologies. These would help us fast track the transition to 100% RE for our electrical energy requirements,” said E. R. Raj Narayanan, Business Head and Chief Manufacturing Officer, UltraTech Cement.
UltraTech is also the first company in India and the second company in Asia to link its financial commitments with sustainability targets through the issuance of dollar-based sustainability linked bonds.