2018 - the year that was; the journey ahead……
Rise for Good’ is the Mahindra Sustainability Framework that is applicable for each of it’s companies.
Here are some of the specific global events that have shaped the Mahindra Group’s Sustainability journey, interspersed with Mahindra Lifespaces’ actions/achievements in 2018.
Jan 2018: The Mahindra Challenge
At the World Economic Forum in Davos, Anand Mahindra laid out a challenge to businesses around the world to set a science-based emissions reduction target ahead of this September’s Global Climate Action Summit in California. This has come to be known globally as The Mahindra Challenge. For business to survive, it’s imperative to move to a low carbon world – it is Rise for Good and makes astute business sense.
Jan 2018: WEF Risk Report
Environmental risks have grown in prominence over the 13-year history of the Global Risks Report, and this trend continued in the 2018 Risk report. All five risks in this category occupy the top-right quadrant of The Global Risks Landscape 2018, indicating higher-than-average perceptions of both likelihood and impact. Among the most pressing environmental challenges facing us are extreme weather events and temperatures; accelerating biodiversity loss; pollution of air, soil and water; failures of climate-change mitigation and adaptation; and transition risks as we move to a low-carbon future.
May 2018: Committed to Science based targets
As part of the Mahindra Group commitment, Mahindra Lifespaces became the first and only real estate company in India to adopt Science Based Targets for its three entities - Mahindra World City, Chennai; Mahindra World City, Jaipur and Mahindra Lifespaces.
Why science based? Incremental targets no longer suffice. The world has a total carbon budget to keep the temperature within 2 degrees and desirably under 1.5 degrees. This budget is globally divided across various sectors. Companies can play their part in combatting climate change by setting greenhouse gas (GHG) emissions reduction targets that are aligned with the reduction pathways for limiting global temperature rise within 2°C. These targets are termed science-based targets (SBTs). SBTs offer a plethora of advantages over more incremental GHG reduction targets and boost the competitive advantage of companies in transitioning to a low-carbon economy. A low carbon economy is the one that will enable us to avoid descent into hot house earth.
June 2018: Mahindra TERI Centre of Excellence for Sustainable Habitats
The Mahindra TERI Centre of Excellence has been set up to bring about transformation in the Indian Real Estate industry, towards becoming built environment responsible towards natural resources. It is the first of its kind real estate-driven research to develop energy-efficient innovative solutions, less dependent on virgin materials, tailored to the Indian building sector and climates. The Centre of Excellence (physical centre) was established in TERI’s (The Energy and Resources Institute) Gwal Pahari research campus, Gurgaon and was inaugurated on 12th June 2018 by Anand Mahindra, Chairman, Mahindra Group. In a world that is increasingly water- and heat-stressed, the work by the Centre holds the secret to designing homes for adapting to climate change.
Sept 2018: Global Climate Action Summit
Anand Mahindra, co-chair of the GCAP, committed that his entire group of businesses would become carbon neutral at the Summit. “We are doing our part in the global fight against climate change with this ambitious new target. Mahindra will leverage the latest technological advances and its recently announced Carbon Price to work towards being carbon neutral by 2040.” This has positive implications for the construction business. It raises the bar to explore new construction materials for building using alternative energy and moving towards net zero homes.
Nov 2018: Progressive Rise Awards
MLDL was adjudged the winner of the Progressive Business Award 2018 for our Sustainability performance during the year-for setting up the Mahindra TERI Centre of Excellence for Sustainable Habitats, driving a CEO- led first-of-its-kind initiative such as the Sustainable Housing Leadership Consortium (SHLC) and significant improvements in the Company’s Sustainability dashboard.
2018: Green product portfolio
Sustainability is the only common thread across all our projects. As part of our green buildings portfolio, Iris court and Nova at MWC Chennai received their final certification for IGBC Gold rating, Lakewoods (P17) received its Pre-certification for IGBC Platinum rating. With these projects, our total green footprint is currently 8 mn sq.ft. in the pre-certification stage and 7 mn sq.ft. in the certified stage (completed stage).
Dec 2018: Cop 24
Global energy transition will continue, and policy is likely to strengthen. We are seeing this pan out in India in the form of how we are poised to meet our Intended Nationally Determined Contributions (INDCs) commitments. For the Indian real estate and construction industry, it will pan out in the form of policies that will promote green homes and, going forward, help us move towards building net zero homes. Scientific research on the dangers of climate change is already compelling and the stats are available at http://www.mospi.gov.in/publication/envistats-india-2018 show the risks India will be facing. We must gear up to face them.
2019 - The Journey Ahead
“While there have been successes, our climate, water resources, oceans, forests, soils and biodiversity are all increasingly threatened. It is time to either step up or face irrevocable loss of resources!”