M&M announces carbon price US $10 per tonne of carbon emission

Mumbai: In line with its aim to reduce the company's greenhouse gas emissions by 25 per cent over the next three years, Mahindra & Mahindra on Friday announced its internal carbon price of $10 per tonne of carbon emitted.

Carbon pricing is an internationally recognised business tool that enables companies to create resources which are invested in low-carbon technologies, which help reduce future emissions and lower operational costs.

"We are deeply committed to the creation of low-carbon businesses. We have reduced our carbon emissions over the years and this new carbon price will help accelerate innovation and drive our investments in energy efficient and renewable technologies," said company's Executive Director Pawan Goenka.

The company partnered with the World Bank and IFC-led Carbon Pricing Leadership Coalition along with the World Resources Institute, India, to enhance its understanding of the carbon price mechanism.

Over the last eight years, the company has reduced its carbon emissions by 47 per cent and its energy use by 32 per cent.