Indian Engineering Giant Plans to Go Carbon Neutral by 2040

(Bloomberg) -- Larsen & Toubro Ltd. plans to achieve water and carbon neutrality by 2035 and 2040, respectively, it said in a report on sustainable goals. 

L&T, which operates primarily in the construction and engineering sector, is prone to climate change and has already started implementing several climate-related policies, it said. About 10% of the Mumbai-based company’s electricity comes from renewable sources. Through energy conservation measures, the company has mitigated 33,500 tons of CO2 emissions during the financial year to March 2021. 

Climate variability and global warming has emerged as one of the biggest risks of the 21st century. While India has so far rejected pressure to commit to a net-zero emissions target, several of its large conglomerates including Reliance Industries Ltd. and the Adani Group have committed billions to green investments such as solar and hydrogen.  

L&T has also been focusing on water and material recycling, it said. It recycled and reused 57% of its wastewater during the last fiscal. Since 2008, the company has cumulatively used 43,068 tons of recycled steel and 2.4 million tons of recycled fly ash. Today, 22% of its input material comes from recycled or eco-friendly sources.

The company is in the process of developing a sustainability roadmap for the five years starting 2021-22. The roadmap will be finalized in the next few months and will be shared with investors and other stakeholders, it said.

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