Econovus achieves carbon neutrality

Under sustainability initiative, Econovus committed to become a carbon neutral company by FY24. The carbon neutral target was delivered in three phases. The first phase is an accounting phase to establish the GHG baseline and assess ESG related risks for Econovus. The second phase will focus on absolute emission reductions by increasing efficiency and adopting lower carbon alternatives. In the third phase residual emissions are addressed through offset mechanisms and achieve carbon neutral status.

Total GHG Emissions was 912 t-CO₂e covering Scope 1, 2 and 3 The said GHG emissions have been calculated by Snowkap, Singapore and its sustainability reporting software is designed to be compliant with International sustainability standards like GRI - Global Reporting Initiative, Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD) and other relevant international standards. 

Carbon offset is made by eki (leading Carbon Credit Developer and Supplier across the globe listed on the Bombay Stock Exchange) via the run of the river power project in Uttarakhand by Alaknanda Hydro power company. To achieve carbon neutrality, Econovus has cancelled certified emission reductions (CERs) amounting to 912 tons of carbon dioxide equivalent from CDM 4776, a hydro project in India.

Econovus conducted a life cycle assessment – Cradle to gate for the last three years of the entire value chain (raw material, operations, logistics, consumption and recycling) to map and monitor carbon footprint for improvement and to achieve carbon neutrality target. Company managed carbon footprint through their internal trademark system called 'Ecogauge’.

Econovus has fully met the international requirements of the global certification of compliance program for sustainability. The organisation has implemented an effective environment management system, which enables the organisation to identify and manage all significant environment risks and to reduce them accordingly, as well as to continuously improve their environment performance.

Econovus Packaging is India’s green automotive packaging company authorised to bear the GC Mark, Green Company Certification from DQS CFS GmbH, the German Association for sustainability. 

The unique engineering solutions not only help reduce the packaging carbon footprint by up to 93% also can help save up to 20% in packaging cost. Furthermore, through specialised design solutions, there is scope to improve up to 50% efficiency in total cost of ownership(TCO). With a strong focus on five pillars – innovation and technology, sustainability, cost reduction, industry 4.0 and safety.