Apollo Tyres Plans To Become Net Zero By 2050, Says Chairman

Apollo Tyres Ltd. aims to become a net-zero company by 2050. This commitment comes directly from Chairman Mr. Onkar Kanwar, who emphasizes that sustainability is beneficial not only for the planet but also for the long-term success of the business. He mentioned that we are setting ambitious goals. We are aiming to be net zero by 2050, use more sustainable materials, and cut back on emissions. It’s a big challenge, but we are committed. Kanwar stated this in his address at the company’s 51st Annual General Meeting (AGM). Kanwar emphasized the importance of taking immediate action to combat climate change and work towards achieving net zero emissions. He stressed that the consequences of inaction are already being felt around the world, with communities facing devastating effects from extreme weather events. Immediate action is required by governments, businesses, and individuals to cut down on greenhouse gas emissions and adopt sustainable energy sources. The time to act is now, before it’s too late, to prevent further damage to our planet and future generations.  At Apollo we can’t just sit and watch what is going on, as we need to act instantly and move towards sustainability, which is better  for the environment We are determined to lessen our environmental impact by using less energy, preserving water, and supporting biodiversity in our operations.

Neeraj Kanwar’s golden words:

Mr. Neeraj Kanwar, Vice Chairman & MD of Apollo Tyres Ltd., stated that the company is striving to achieve carbon neutrality by 2050. Efforts are underway to establish climate-resilient operations through dedicated teams and investments in energy-saving projects and renewable energy sources. These initiatives aim to ensure readiness for the future and to play a part in creating a decarbonized tomorrow.

Climate change and greenhouse gas (GHG) emissions have been posing significant challenges for companies, governments, and society in large numbers. Apollo Tyres actively maintains systems to track and analyze its GHG emissions, which an independent party verifies and the company discloses annually in sustainability reports. The company has undergone a 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 an action plan drawn to put them into action.

Apollo Tyres stock update & performance: 

Apollo Tyres share price currently jumps 2.26%, and the stock is trading at a price of Rs. 549.15 per share. The intraday high traded price for the stock is Rs. 550.85 per share.
Apollo Tyres’ consolidated revenues for the financial year FY24 grew by 3% to reach Rs 25,378 crore, while net profit increased by 65% to reach Rs 1,722 crore, compared to Rs 1,046 crore in the corresponding period of the previous fiscal year.

Conclusion: Apollo Tyres understands that carbon emissions are harmful to the planet, and achieving net zero emissions by 205 is a significant challenge. Nevertheless, they are committed to pursuing sustainability for their business and the planet.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.