New Delhi, June 4, 2024: Real estate developer Lodha on Tuesday announced the accomplishment of carbon neutrality in its operations - scope 1 and 2 emissions. This marks a significant milestone in the developer’s journey towards becoming a net-zero carbon company by 2050, laying a blueprint for the built sector to reduce carbon emissions, thus maximising the sector’s contribution to India’s 2070 net-zero target.
Over the past five years, Lodha reduced its scope 1 and 2 emissions by ~82%. This was primarily made possible by transitioning to renewable energy sources for construction activities and owned assets, with an increase in share of renewable electricity from less than 1% to ~83% in its overall electricity consumption between FY20-24.
Commenting on the development, Aun Abdullah, Head-ESG, Lodha, said, “At Lodha, we are proud to lead by example, by adopting a holistic approach to sustainability that recognizes the correlation between environmental, social, and economic factors. It is not just about attaining a milestone, but about setting a precedent of the possibilities that get unlocked when innovation meets determination. By leveraging the power of energy efficiency, renewable integration, and investments in carbon reduction projects outside our value chain, we are not just minimising our carbon footprint but also contributing to the prosperity of local economies, thus contributing our bit towards the vision of a responsibly developed India by 2047.”
In FY24, Lodha became the first Indian real estate company to have SBTi-validated long-term and net-zero targets. The developer has also been honoured with various other global and national recognitions and awards for its sustainability initiatives over the years.
