Rico Auto Industries Limited
Climate Impact & Sustainability Data (2022-23)
Reporting Period: 2022-23
Environmental Metrics
Waste Generated:4177.35 metric tonnes (2022-23)
ESG Focus Areas
- carbon neutrality
- product innovations
- water management
- waste management
- supply chain management
- health and safety
- community engagement
- diversity and inclusion
Environmental Achievements
- Developing an Environment, Social, and Governance (ESG) Roadmap with defined commitments, goals, and targets
- Implementing ISO 14001 Environment Management Systems
- Initiatives to reduce greenhouse gas emissions, improve energy efficiency, prepare climate change strategy, achieve waste management (including waste reduction), reduce biodiversity loss, reduce water consumption, comply with corporate climate policies, reduce pollution, and conserve natural resources.
Social Achievements
- Enhancing employee skills and capabilities through regular training programs
- Fair pay and living wages
- Equal employment opportunity
- Employee benefits
- Workplace Health & Safety
- Community engagement
- Diversity & Inclusion
- Responsible supply chain management
Governance Achievements
- Strengthening corporate governance, risk management, compliance, ethical business practices
- Avoiding conflicts of interest
- Accountability for integrity and transparency
- Board diversity
- Executive compensation
- Compliance with corporate policies
Climate Goals & Targets
Long-term Goals:
- Achieve carbon neutrality by 2050
Short-term Goals:
- Strengthen its processes to move towards carbon neutrality, product innovations, water management, waste management, supply chain management, health and safety, community engagement, diversity and inclusion (next three years)
Environmental Challenges
- Global economic slowdown
- High inflation
- Tightened central bank policies
- Limited credit availability
- Supply chain disruptions
- Competitive pressures (domestic and overseas)
- Financial risks from changes in interest rates, foreign exchange rates, and commodity prices
- Climate change
Mitigation Strategies
- Broadening product portfolio
- Increasing customer profile and geographic reach
- Implementing a structured risk management system
- Developing systems to track and minimize energy consumption and heat generation
- Disposal of waste through authorized recyclers
- Robust energy management system incorporating renewable energy
- Developing a roadmap for addressing Scope 1, 2, and 3 GHG emissions
Supply Chain Management
Responsible Procurement
- Considering Social, Ethical and Environmental performance factors in supplier selection
Climate-Related Risks & Opportunities
Opportunities
- Lower operating energy costs, heat generation and carbon footprints
Reporting Standards
Frameworks Used: ESG
Certifications: ISO 14001, ISO 45001, ISO 9001, IATF-16949, AS 9100D
Sustainable Products & Innovation
- Friction material used in the manufacturing of auto parts