Tata Motors Limited

02/12/2024 | Press release | Distributed by Public on 02/12/2024 01:21

Tata Motors Partners with UN-Backed LeadIT Initiative to Accelerate Transition Towards Net-Zero Emissions

Press release - February 12, 2024

Tata Motors Partners with UN-Backed LeadIT Initiative to Accelerate Transition Towards Net-Zero Emissions

Tata Motors, a global leader in the automotive industry, announces its partnership with the Leadership Group for Industry Transition (LeadIT), a global alliance launched by the governments of Sweden and India at the UN Climate Action Summit in September 2019. As a member of LeadIT, Tata Motors will be able to harness the power of global best practices, influence policy-making, and together with other members strengthen its climate action plans, thereby accelerating its transition towards net-zero emissions.

Speaking on the development, SJR Kutty, Vice President and Chief Sustainability Officer, Tata Motors, said, "We are excited to join forces with LeadIT, a milestone that underscores our deep-rooted dedication to environmental sustainability. Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future. Joining forces with LeadIT propels us closer to these ambitious goals, facilitating our journey towards sustainable transformation. This collaboration will not only expedite our own transition but also catalyse a climate for change within the automotive industry. We eagerly anticipate working alongside other pioneering companies within LeadIT, creating a dynamic ecosystem of shared insights and collective advancement. Together, we aim to drive the automotive industry forward, championing a sustainable future for all."

Expressing the group's enthusiasm at welcoming Tata Motors into the group, Romina Pourmokhtari, Minister for Climate and the Environment, Sweden and Co-Chair of LeadIT, said, "This membership signals an important commitment to net zero from a leading global manufacturer in the supply chain. Demand signals are crucial for the transformation of our industry. Fostering dialogues and strengthening partnerships in areas where transition challenges need to be addressed is core to achieving reduced climate emissions. Industry is driving the green industrial transformation here in Sweden and we hope to inspire change globally. I look forward to seeing Tata Motors in our group of leading partners."

Tata Motors is embracing sustainability as a business transformation with significant progress in zero-emission products, renewable energy, circular economy, water neutrality and biodiversity. The company has already installed 109 MW of renewable energy capacity and plans to add ~300 MW in the next three years to become a RE100 company. Over the past 3 years, Tata Motors has reduced its Scope 1+2 emissions intensity by 44% and is pioneering the electric and zero emissions vehicle revolution along with a host of low-emissions alternate powertrain options to enable deep decarbonisation in its Scope 3 emissions.

Upholding the principles of the circular economy, Tata Motors is driving TATVA- a Circular Economy framework working across Materials, Energy, Lifetime and Utilization pathways for a holistic transformation. The company has also established five Re.Wi.Re facilities across various cities, designed to extract maximum value while leaving minimal footprint at the end of a vehicle's lifecycle. Tata Motors is dedicated to water stewardship, achieving water-neutral or positive status at three of its plants. The company is integrating nature and biodiversity into its business strategy, conserving habitats around its operating sites, aligning with scientific methods to map and set targets across its value chain, and undertaking flagship conservation projects that have a positive impact beyond its value chain. These achievements highlight Tata Motors' commitment to sustainability and its leadership in the industry.

About LeadIT

LeadIT is first global high-level initiatives for reaching net-zero emissions from heavy industry by 2050 at the latest. It is a UN initiative established at Climate Action Summit in New York in 2019. The vision is to strengthen interlinkages between industry commitments; public-private collaboration and innovation to create an ecosystem for a net-zero industry transformation. To achieve this goal India and Sweden, with the support of World Economic Forum (WEF), have set up the Leadership Group for Industry Transition. It provides a global platform for countries and industries to come together to develop evidence based policy frameworks and mechanisms to speed up industry transition. LeadIT hosts a high-level Summits where ministers and CEOs from LeadIT member countries and companies participate as well as technical meetings for members and partners. This will especially benefit emerging and developing countries that require assistance to speed up their technological innovation.

LeadIT accelerates demand for green industrial products by supporting adoption of decarbonization policies on a national and global level and analyzing how to overcome challenges to achieving the transition. LeadIT currently has 18 country and 20 company members. In 2021 LeadIT welcomed six new members (US, Ethiopia, Austria, Skanska, HeidelbergCement, and Salzgitter) and in 2022 two new country members (Japan, South Africa).Tata Steel and Saltx joined LeadIT in 2023.

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With 'Connecting Aspirations' at the core of its brand promise, Tata Motors is India's market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fueled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company's innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, Tata Motors' operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.

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