Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]At Mahindra Lifespaces, we have been early adopters of sustainability, which is evident through our transparent disclosures on ESG, climate change & financial impact, sustainability commitments – SBT, Carbon neutrality by 2040, & Net Zero developments by 2030.
However, ecosystemic change can only happen if we engage to influence cascading action across value chain. We have a systematic process for influencing value chain. Our climate change strategy has 2 clear pathways - Influence Inward (within) & Influence Outward.
Influencing outward involves engaging with,
1. Industry bodies such as CREDAI, CII, etc.
2. Green Building rating agencies such as GRIHA & IGBC - where we influence to pilot new ratings for sector through our technical inputs.
3. Mahindra TERI Centre of Excellence - Open source research on developing low carbon products.
Influencing Inward involves working with,
1. Indo-Swiss BEEP (Building Energy Efficiency Project) & Design/Project team - To integrate Climate Responsive Design approach into our products to align with Net Zero
One of the impactful engagement initiatives started in FY 22 was launch of 'Business Charter' which defines value chain approach for decarbonization of building and construction sector.
(A) Need for Business Charter:
In a carbon constrained world, conventional (virgin) materials & infrastructure created using these materials would be cost intensive. This is evident from renewed focus of industry on demand reduction of virgin materials & circularity which is yet to scale up. Buildings will be energy intensive during use phase & would require regular upgrade & maintenance work. This arrangement is not sustainable in long run. Therefore, decarbonizing the sector is of paramount importance; however, building & construction sector has a very diverse & fragmented value chain. To effectively de-risk from climate risks, participation & co-ordinated action from all value chain players is required which led to creation of Business Charter.
(B) Business Charter:
In Consultation with multiple and diverse stakeholders within the sector, Mahindra Lifespaces in partnership with WRI India, Alliance for an Energy Efficient Economy (AEEE), & EcoCollab carved out an impactful pathway to decarbonize the sector across value chain to inform the business charter for the sector. The signatories to the charter align to 6 priority actions aligned with Net Zero.
Thus, our engagement initiatives align with our Climate Commitments.