MMTC-PAMP is India's First Precious Metals Company to have Science-based Emissions Reduction Targets Approved by the SBTi

NewsVoir

New Delhi [India], December 27: MMTC-PAMP, India's only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery, reinforces its commitment to sustainability as the first precious metals company in India to have science-based carbon emissions reduction targets approved by the Science Based Targets initiative (SBTi). This marks a pivotal milestone for MKS PAMP GROUP as both MMTC-PAMP and MKS PAMP commit to carbon emission reduction targets.

MMTC-PAMP India Private Limited commits to reduce absolute scope 1 and 2 GHG emissions 47 per cent by FY2029/2030 from a FY2018/2019 base year. MMTC-PAMP India Private Limited also commits to reducing absolute scope 3 GHG emissions by 27.5 per cent within the same timeframe. Continuing its ongoing commitment to sustainability, MMTC-PAMP, among other initiatives has also recently implemented 705 kWp of solar energy panels, actively contributing to decarbonization and reducing its carbon footprint.

Commenting on the target approval by the SBTi, Vikas Singh, Managing Director and CEO, MMTC-PAMP India Private Limited said, "We are proud to be leading our industry in this transformation and are deeply devoted to making a substantial impact in our environmental engagement. In line with this vision, we have set forth a robust commitment to drive meaningful change in our carbon footprint."

"Today, we welcome MMTC-PAMP's science-based targets consistent with limiting warming to 1.5°C," said Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative. "The ambition of MMTC-PAMP's targets is aligned with the need for the global economy to rapidly cut emissions. This company is setting an example for the rest of its industry, and I urge others in its sector to set their targets too."

The Science Based Targets Initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.

The initiative is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets.

MMTC-PAMP's commitment towards sustainability and the approval from the SBTi underscores MKS PAMP GROUP's ambition to accelerate its sustainability agenda across its companies.

A joint venture between Switzerland-based bullion refinery, MKS PAMP SA, and MMTC Ltd, a Miniratna and Government of India Undertaking. MMTC-PAMP is the only LBMA-accredited gold & silver good delivery refiner in India and is accepted across global commodity exchanges and central banks. The company seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry. MMTC-PAMP has received several awards since its inception from local and global industry bodies for transparency and sustainability that it rigorously upholds in its sourcing, refining, and supply of precious metals in the Indian market.

The Science Based Targets initiative (SBTi) is a global body enabling companies and financial institutions to set ambitious emissions reduction targets in line with the latest climate science. The SBTi's goal is to accelerate businesses across the world to support the global economy to halve emissions before 2030 and achieve net-zero before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets.

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