Greenhouse gas (GHG) emissions are one of the major causes of rising global warming, and the companies from the FMCG, retail, packaging and food service sectors account for a significant amount of the global emissions. CO2, Methane & NOx gases form a major part of greenhouse gases released from fossil fuels such as gas and oil. Due to rising GHG emissions from companies, it became important among major contributing sectors to report gas emissions during their operations.
Companies from the consumer sector are under increasing pressure to reduce their carbon footprint. Consumers are becoming more aware of excess carbon dioxide emissions' detrimental environmental effects. Their consumption behavior changes due to this, and they take an active interest in sustainability issues.
ITC Ltd (ITC) operates a diversified conglomerate business. The company is involved in the business of fast-moving consumer goods, hotels, paperboards, specialty papers, packaging, agri-business, and information technology.
Total GHG emissions of ITC in 2022 were 1.77 million tonnes of CO2 equivalents (MtCO2eq), an increase of 12.2% from 2021. The company has set a goal to reduce Scope 1 and 2 GHG emissions per unit of production by 50% by 2030.
GHG emissions are generally classified into Scope 1, 2, and 3 emissions. Scope 1 includes direct GHG emissions from the combustion of fuels at the company’s owned and operated facilities. Scope 2 encompasses indirect GHG emissions associated with purchased electricity, heat, and steam. Scope 3 involves indirect GHG emissions in the company’s upstream and downstream activities.
Scope 1 emissions form the major portion of ITC’s total GHG emissions, accounting for around 71.1% (1.26 MtCO2eq) of total GHG emissions in 2022. ITC’s Scope 2 emissions have increased by 14.9% to 0.19 MtCO2eq, and Scope 3 emissions increased by around 34.2% to 0.32 MtCO2eq in 2022.
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