Learning Series: One Brick at a Time | Session 2: Decarbonizing the Building and Construction Sector Through Science-based Targets
Achieving India’s long-term climate goals would require contributions from non-state actors including businesses to reduce greenhouse gas (GHG) emissions. Such emission reduction would, however, need to align with science to mitigate climate-related risks, - estimated to be ₹3,285 billion. Several Indian companies are already taking credible actions recognizing the impact of climate risks on their businesses and daily operations. Companies are uniquely poised to set emission reduction targets in line with science and define appropriate decarbonization strategies to accelerate the transition to a low-carbon economy.
The Science-based Targets initiative (SBTi) is one of the growing international initiatives that help companies develop their emission reduction strategies aligned with science. Over the past five years, there has been a growing momentum within Indian companies to set science-based targets that increased from four companies in 2017 to over 60 companies in 2021.
Companies within the construction and real estate are recognized as front runners that are committing to the Science-based Targets initiative according to the CDP India Disclosure Report, 2021, which is encouraging. More companies including the value chain partners from the building and construction sector need to join their peers in setting ambitious science-aligned emission reduction targets, thereby aligning their climate actions towards achieving them. Only when more businesses along sectoral pathways align their ambitious climate actions based on science, the resulting market shift will have the potential to influence the wider economy and help towards a low carbon shift and achieve the national climate goals.
The second session of the learning series “One brick at a time” delves into the science-based approaches and the steps involved to set a science-based target that would help the companies and supply chain in the building and construction sector to start developing emission reduction strategies aligned with the science. This session is open to all corporates and companies involved in development, design, planning and construction work including the medium and small scaled enterprises involved in manufacturing low-carbon alternate materials. The objectives of this session are:
- To present an overview of SBTs, and what it means to the companies
- To present the approach, methods, and steps for setting science-based targets
- To present the business case and the benefits for companies who adopt science-based targets
The Learning Series is part of WRI India, AEEE, Mahindra Lifespaces, and Eco Collab’s Business Charter 'Value-chain Approach to Decarbonize the Building and Construction Sector in India’.
- Prabodha Acharya, Group Chief Sustainability Officer, JSW Group
- Dr. Sunita Purushottam, Head of Sustainability, Mahindra Lifespace Developers Ltd.
- Subrata Chakrabarty, Senior Manager, WRI India
- Priyal Shah, Senior Program Associate, WRI India