Piramal Pharma's Bold Steps Towards a Sustainable Future

Piramal Pharma's Bold Commitment to Sustainability

Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leader in the global pharmaceuticals sector, is taking significant strides towards sustainability and environmental responsibility. The company has set ambitious targets to cut its greenhouse gas (GHG) emissions across all three scopes, aiming for a substantial reduction by 2030. This commitment was recently validated by the Science Based Targets initiative (SBTi) as a meaningful contribution to the urgent global mission to combat climate change.

Setting Concrete Goals for GHG Reduction

Piramal Pharma aims to reduce its absolute scope 1 and 2 GHG emissions by an impressive 42% by fiscal year 2030, using fiscal year 2022 as a baseline. In addition to this, the company is pioneering efforts to cut scope 3 emissions from various sources—including purchased goods and services and fuel-related activities—by 25% in the same period. This noteworthy progression establishes Piramal Pharma as the third pharmaceutical company in India to earn SBTi's validation, inspiring further action within the industry.

Piramal Pharma's Vision of Sustainability

The company's commitment to sustainability is not merely about meeting regulatory requirements; it is an integral part of its overall business strategy. As Nandini Piramal, the Chairperson of Piramal Pharma Limited, expressed, "Sustainability is at the heart of our business strategy. The approval from SBTi reinforces our ongoing commitment to reducing our GHG emissions and aligning with global climate action goals." This proactive approach is designed to drive meaningful change and establish a sustainable legacy within the pharmaceutical field.

The Path Forward: A Carbon Reduction Plan

A key element of Piramal Pharma's sustainability roadmap involves the development of a comprehensive Carbon Reduction Plan. This initiative, which will be revealed shortly, is set to outline detailed strategies for sustainable operations and enhanced environmental performance. The efforts reflect a broader vision for Piramal Pharma, aiming not just to comply with standards but to innovate and lead in sustainable practices.

Understanding the Science Based Targets Initiative (SBTi)

The SBTi serves as a collaborative effort among several influential organizations such as the Carbon Disclosure Project (CDP) and the United Nations Global Compact (UNGC), guiding businesses towards effective strategies for GHG reductions. The initiative underscores that the transition to low-carbon operations is essential for long-term viability, particularly as climatic conditions change and public awareness grows.

Importance of Collaboration and Accountability

The engagement with SBTi signifies Piramal Pharma's acknowledgment of global climate commitments and outlines a clear trajectory for future progress. By publicly committing to these ambitious targets, the company holds itself accountable while encouraging the broader pharmaceutical industry to embrace similar measures. This collective action could be pivotal in achieving global targets to limit temperature increases to well below 1.5°C.

Piramal Pharma: A Snapshot of Innovation and Growth

Piramal Pharma Limited operates a diverse portfolio through 17 advanced global facilities and a robust distribution network spanning over 100 countries. The company consists of multiple business segments including Piramal Pharma Solutions, an integrated CDMO; Piramal Critical Care, focusing on hospital generics; and an India Consumer Healthcare division that caters to wellness products.

Strategic Partnerships and Future Ventures

Growth at Piramal Pharma is not limited to its own operations. The company has forged significant partnerships, including a strategic investment in Yapan Bio, which specializes in biologics and vaccine development. Furthermore, through its collaboration with Abbvie Therapeutics India Private Limited, Piramal has cemented its reputation as a market leader in the ophthalmology sector in India. With continuous investments and a forward-thinking mindset, Piramal Pharma is well-positioned for sustained success.

Frequently Asked Questions

What are Piramal Pharma's GHG reduction targets?

Piramal Pharma aims to reduce its absolute scope 1 and 2 GHG emissions by 42% and scope 3 emissions by 25% by 2030 compared to fiscal year 2022 levels.

How does SBTi validate corporate sustainability efforts?

The SBTi provides a framework for companies to set science-based targets aligning with climate action goals, ensuring their commitments meet global standards for reducing GHG emissions.

Why is sustainability important for Piramal Pharma?

Sustainability is integral to Piramal Pharma's business strategy, reflecting its commitment to reducing environmental impact while driving growth and innovation in the pharmaceutical sector.

What initiatives are included in Piramal Pharma's sustainability roadmap?

The roadmap includes the development of a comprehensive Carbon Reduction Plan that outlines strategies for sustainable operations and enhancing environmental performance.

What is the significance of Piramal Pharma's achievements in sustainability?

The validation by SBTi marks Piramal Pharma as a leader in the pharmaceutical industry, promoting accountability and inspiring others to adopt sustainable practices in their operations.

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