MMTC-PAMP becomes India's first precious metals company to have SBTi approved emissions reduction targets

New Delhi, December 21, 2023: MMTC-PAMP, India's only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery, has become the first Indian precious metals company to have science-based carbon emissions reduction targets approved by the Science Based Targets initiative (SBTi). This marks a milestone for MKS PAMP GROUP as both MMTC-PAMP and MKS PAMP commit to carbon emission reduction targets.

MMTC-PAMP India Private Limited has committed to reduce absolute scope 1 and 2 GHG emissions by 47% by FY2029/2030 from a FY2018/2019 base year. It will also reduce absolute scope 3 GHG emissions by 27.5% within the same timeframe. Continuing its ongoing commitment to sustainability, MMTC-PAMP, among other initiatives, has recently implemented 705 kWp of solar energy panels.

Commenting on the target approval by the SBTi, Vikas Singh, Managing Director and CEO, MMTC-PAMP India Private Limited said, “We are proud to be leading our industry in this transformation and are deeply devoted to making a substantial impact in our environmental engagement. In line with this vision, we have set forth a robust commitment to drive meaningful change in our carbon footprint.”

“Today, we welcome MMTC-PAMP’s science-based targets consistent with limiting warming to 1.5°C,” said Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative. “The ambition of MMTC-PAMP’s targets is aligned with the need for the global economy to rapidly cut emissions. This company is setting an example for the rest of its industry, and I urge others in its sector to set their targets too.”

The Science Based Targets Initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.