Infosys has also committed to reduce its per-capita electricity consumption by 50% from the 2008 level and use 100% renewable power for electricity by 2018.
Infosys at an event organized by the Carbon Pricing Leadership Coalition (CPLC) in Zurich announces its internal carbon price at $10.5 per ton of CO2e.
Mentioned as a significant milestone for Infosys, the price is sought to be applicable for a period of two years and will represent the cost of decarbonizing 1 ton of CO2e.
Committed towards building a clean energy future and meet its commitment of becoming carbon neutral in 2018 – The Company has implemented a three-pronged strategy to go carbon neutral: energy efficiency, renewable power, and emission offsets.
The carbon price announced today is a weighted average of the prices of carbon under the energy efficiency, renewable energy, and emission offset levers. The price of carbon under each lever was estimated based on the company’s past and ongoing investments in the area.
In addition, Infosys has also committed to reduce its per-capita electricity consumption by 50% from the 2008 level and use 100% renewable power for electricity by 2018.
Speaking at the event, Sandeep Dadlani, President and Head – Americas, Infosys said, “We recognize that global warming is the biggest threat the world is facing today. We understand the significance of the 20C global warming limit under the Paris Agreement. For Infosys, by putting a price on carbon, we have further cemented our commitment to become carbon neutral. As a responsible company, we are very proud to be one among a handful of companies in the world to announce an internal carbon price. We hope that it becomes a global movement and helps save the planet by keeping global warming under 20C.”
Setting price on the concept of ‘polluter pays’ – the IT major company now has the option of using the internal carbon price to internally raise funds from businesses or departments and use the funds for corporate emission reduction programs.
Infosys is an eminent part of CPLC, launched during the COP21 in Paris. It works with corporates and governments to advance the concept of carbon pricing. The Paris Agreement reached at the COP21 commits to limit global warming to well below 20C. Experts believe that the success of such a transition lies in putting a price on carbon. Infosys joined CPLC in 2016.