Apollo Tyres to Increase Renewable Power Share to 25% by 2026

More and more firms worldwide are striving to become carbon neutral and increase the share of renewable energy in their energy mix to power operations. Leading tyre manufacturer Apollo Tyres is among the latest firm to jump onto this bandwagon. Apollo Tyres has revealed in its new ESG (Environment, Social and Governance) commitment that the leading tyre company across the globe will be sourcing at least 25 per cent of its power from renewable sources of energy by 2026. The company said in a nutshell that it is also committed to become carbon neutral by 2050.

To reach carbon neutrality, the company is improving Scope-1 and Scope-2 emission intensity by 25% by 2026 against baseline year 2020. Apollo Tyres will increase the total power share in renewable power to 25%. The company will also be stepping up the usage of sustainable raw material to 40% by 2030 in a cause to further its sustainability efforts.

Speaking about the defined targets Neeraj Kanwar, Vice Chairman & MD, Apollo Tyres Ltd, said, “With an aspiration to be carbon neutral by 2050, we are working towards creating climate-resilient operations. Dedicated teams and investments are being made in energy-saving initiatives and towards renewable energy to be prepared for the future and to contribute towards a decarbonised tomorrow.”

Apollo Tyres said that climate change and greenhouse gas (GHG) emissions have been posing significant challenges for companies, governments, and society at large. The firm has systems in place to monitor and analyse its GHG emissions, which are independently verified by a 3rd party, and reported annually in its sustainability disclosures.

The official statement held, “Apollo Tyres has undergone climate risk assessment as per the Taskforce on Climate Related Financial Disclosure (TCFD) framework. Based on the identified areas, mitigation strategies have been formulated and action plan drawn, to put them into action.”

It said that its Andhra Pradesh facility in India is already running on biomass completely. The Vadodara facility of Apollo has captive capacities for solar and wind energy. Given the energy crisis in Europe, the operation is continuously improving upon its energy efficiency. At an overall organisation level, nearly 10% of power requirement in FY22 was met by renewable sources, and the company is committed to increase this to 25% by 2026, said Apollo Tyres.

Cleantech Solar built a 10 MW solar power system installed at Apollo Tyres facility in Chennai that has guaranteed a supply of 40 million units of green power.

To enhance its sustainability effort, Apollo had joined hands with Tata Power earlier this year to create public charging across India to increase the adoption of electric vehicles in India and protect the environment from the vehicular burning of fossil fuels.