The company has set ambitious goals to reduce absolute scope 1 and 2 GHG emissions by 42% by 2030. Credit: Gorodenkoff/Shutterstock.

The Science Based Targets initiative (SBTi) has validated and approved India’s Piramal Pharma’s near-term greenhouse gas (GHG) emission reduction targets.

The approval marks a significant milestone in the company’s sustainability journey, aligning with its ethos of “Doing Well and Doing Good.”

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The strategic move underscores Piramal Pharma’s dedication to making measurable and consistent progress toward a sustainable future.

The company has set ambitious goals to reduce absolute scope 1 [produced from sources owned or controlled by a company] and scope 2 [produced as a consequence of a company’s activities] GHG emissions by 42% by 2030, using the financial year 2022 as the base year.

Piramal Pharma also aims to decrease absolute scope 3 GHG emissions from sources including purchased goods and services, upstream transportation and distribution, activities related to fuel and energy and sold product usage by 25% within the same timeframe.

Piramal Pharma chairperson Nandini Piramal stated: “Sustainability is at the heart of our business strategy, and the approval from SBTi reinforces our ongoing commitment to reducing our GHG emissions and aligning with global climate action goals.

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“This is a critical step in our broader sustainability roadmap, and we are committed to doing our part in driving meaningful environmental change across the pharmaceutical industry.

“To further reinforce our commitment, we are also in the process of developing a comprehensive carbon reduction plan, which will be unveiled soon.”

With this commitment, Piramal Pharma becomes the third pharmaceutical company in India to have its emission reduction targets approved by the SBTi.

The SBTi is a collaborative initiative that includes the Carbon Disclosure Project (CDP), the World Resources Institute (WRI), the United Nations Global Compact (UNGC) and the World Wide Fund (WWF).

It assists companies in setting science-based targets to reduce emissions, providing a sustainable growth pathway.