Apollo Tyres Makes Further Commitments to its Sustainable Journey
Apollo Tyres, a responsible and progressive tyre manufacturer, has made additional pledges in the ESG (Environment, Social, and Governance) area.
The commitments made by the company include the following:
Commitment to be carbon neutral by 2050
Improve water withdrawal intensity by 25% by 2026 against baseline year of 2019
Commitment to improving its D&I (Diversity and Inclusion) to 12% globally by 2026
Increase usage of sustainable raw material to 40% by 2030
Neeraj Kanwar, Vice Chairman & MD, Apollo Tyres Ltd, said, “With an aspiration to be carbon neutral by 2050, we are working towards creating climate-resilient operations. Dedicated teams and investments are being made in energy-saving initiatives and towards renewable energy to be prepared for the future and to contribute towards a decarbonised tomorrow.”
GHG emissions and climate change have been big problems for businesses, governments, and society as a whole. Apollo Tyres has set up systems to track and analyse its greenhouse gas (GHG) emissions, which are checked by a third party and reported every year in its Sustainability disclosures.
As part of the Taskforce on Climate-Related Financial Disclosure (TCFD) framework, the company has done a climate risk assessment. Based on the areas that have been found, mitigation strategies have been formulated, and a plan is being made to put them into action.
With the Andhra Pradesh plant in India already running entirely on biomass, the company has moved quickly away from fossil fuels and toward using renewable energy in all of its operations. The Chennai plant has invested in solar power, which guarantees a supply of 40 million units. Similarly, the Vadodara plant has a built-in capacity for solar and wind power. In FY22, nearly 10% of the organisation's power needs came from renewable sources, and the company plans to increase this to 25% by 2026.
Apollo Tyres in line with international tyre makers has set the ambitious objective of incorporating 40 per cent sustainable materials into its tyre compositions by 2030. 30% of the sustainable materials will be biomaterials, and 10% will be recycled materials. To attain the above targets, the company invests in R&D and production and conducts life cycle assessment (LCA) on its products.
Apollo Tyres places the utmost priority on conserving water, a limited natural resource. Several initiatives have been taken inside the organisation to ensure the reuse and recycling of water, as well as to raise community awareness on the subject. The company monitors the quantity of water withdrawn per tonne of product and has plans in place to lower it over time. This water footprint is independently verified by a third party and reported in the Sustainability disclosures.
The company knows how important it is to use the power of diversity and inclusion (D&I) in its workforce, so it has been making changes to its policies and practices, undertaking targeted recruiting and building global cross-cultural teams.
Source: Apollo Tyres