Climate Change Data

Garware Hi-Tech Films Limited

Climate Impact & Sustainability Data (2022-04 to 2023-03, 2023-2024)

Reporting Period: 2022-04 to 2023-03

Environmental Metrics

Total Carbon Emissions:56594.00 Metric tonnes of CO2 equivalent (Scope 1 and 2)
Scope 1 Emissions:56594.00 Metric tonnes of CO2 equivalent
Scope 2 Emissions:60.32 Metric tonnes of CO2 equivalent
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:524134963.40 MJ (2022-23), 527777676.20 MJ (2021-22)
Water Consumption:457423.80 kilolitres (2022-23), 453330 kilolitres (2021-22)
Waste Generated:3121.95 metric tonnes (2022-23), 2715.48 metric tonnes (2021-22)
Carbon Intensity:0.0000045 Metric tonnes of CO2 equivalent/ Rs (2022-23), 0.0000031 (2021-22)

ESG Focus Areas

  • Climate Change
  • Energy Management
  • Waste Management
  • Water Management
  • Occupational Health and Safety
  • Human Rights
  • Community Engagement
  • Supplier Sustainability

Environmental Achievements

  • Reduced energy consumption by approximately Rs. 122 Lakhs per annum through various initiatives.
  • Achieved zero liquid discharge (ZLD) at all sites.
  • Implemented Extended Producer Responsibility (EPR) for plastic packaging.
  • Developed green belt (increased from 30% to 36% of open land).
  • Introduced innovative products like low oligomer content films and post-consumer recycled PET (PCR) driven products.

Social Achievements

  • Maintained harmonious industrial relations with a retention rate of 97.2% and voluntary attrition rate of 2.8%.
  • Invested over 875 man-days in various talent management programs.
  • Won the JIPM TPM Excellence Award - Category ‘A’.
  • Implemented online incident reporting system and online safety observations systems.
  • Maintained zero lost time incidents for over 1300 days.

Governance Achievements

  • Implemented a robust Enterprise Risk Management System.
  • Complied with all mandatory requirements of Listing Regulations.
  • All related party transactions were in the ordinary course of business and at arm’s length.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Reduce 50% of absolute emissions with respect to FY 2022-23 by 2029-30.
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Pressure on selling prices of commodity products due to excess supply.
  • Recession in the US economy and the Russia-Ukraine war impacting capacity utilization.
  • Fluctuating crude oil prices impacting raw material costs.
  • Global economic slowdown and geopolitical tensions.
  • Intensified competition due to addition of capacities by competitors.
Mitigation Strategies
  • Pursuing cost reduction measures.
  • Increasing the share of specialty value-added products.
  • Reducing the volume of commodity films.
  • Long-term agreements on import parity pricing for raw materials.
  • Expanding product portfolio with new variants and environmentally friendly films.
  • Effective cost management and proactive procurement strategies.
  • Diversifying market presence and adapting to evolving consumer needs.
  • Advanced logistics management.
  • Hedging net exposure through forward contracts to reduce vulnerability to currency fluctuations.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Sustainable sourcing of paper material (100%).
  • Vertical integration for procurement of packaging material (wood) from local sources.

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Changes in existing and emerging regulations impacting emissions and climate change.
Opportunities
  • Development of energy-efficient products.

Reporting Standards

Frameworks Used: Indian Accounting Standards (Ind AS)

Certifications: BRC rated AA, ISO 9001:2015

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Low-oligomer content films
  • Sun control window films
  • Post-consumer recycled PET (PCR) products
  • Floatable shrink films

Awards & Recognition

  • JIPM TPM Excellence Award - Category ‘A’

Reporting Period: 2023-2024

Environmental Metrics

Total Carbon Emissions:78268 tCO2e (Scope 1 & 2)
Scope 1 Emissions:25216.00 tCO2e
Scope 2 Emissions:53052.00 tCO2e
Scope 3 Emissions:Not disclosed
Renewable Energy Share:0%
Total Energy Consumption:529212686 MJ
Water Consumption:467083.3 kL
Waste Generated:6924.58 metric tonnes
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate Change
  • Energy Management
  • Waste Management
  • Water Management
  • Human Rights
  • Occupational Health and Safety
  • Supply Chain
  • Stakeholder Engagement
  • Responsible Business Conduct

Environmental Achievements

  • Achieved zero liquid discharge across all locations.
  • Reduced total emissions by a target of 50% compared to FY 2022-23 by 2029-30.
  • Introduced eco-friendly products like films with low oligomer content, energy-saving sun control window films and offerings made from post-consumer recycled PET.

Social Achievements

  • Provided training on human rights issues and policies to 100% of employees and workers.
  • Implemented a robust grievance redressal mechanism for employees and workers.
  • Conducted CSR activities in education, environmental sustainability and healthcare.

Governance Achievements

  • Established a Board-level Stakeholders Relationship Committee to examine and redress complaints by shareholders.
  • Implemented an anti-bribery and anti-corruption policy.
  • Appointed Mr. Mohan Sitaram Adsul (DIN No: 00146752) for decision making on sustainability related issues.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Reduce total emissions by 50% compared to FY 2022-23 by 2029-30.

Environmental Challenges

  • Evolving landscape of regulations affecting emissions and climate change.
  • Disposal of post-consumer plastic waste.
  • Occupational Health and Safety incidents.
  • Supply chain risks.
  • Labor relations.
  • Regulatory compliance.
  • Potential conflicts of interest.
Mitigation Strategies
  • Setting up renewable energy installations (solar and wind).
  • Green Power Purchase agreement.
  • Tree plantation initiatives.
  • Installing solar heaters.
  • Collaboration with external entities to retrieve post-consumer waste under Extended Producer Responsibility.
  • Comprehensive safety policy (PDCA cycle).
  • Regular plant assessments.
  • Hazard Identification and Risk Assessment.
  • Standard Operating Procedures for sustainable purchasing.
  • Daily oversight of procurement.
  • Established audit committee for regulatory compliance.
  • Code of Conduct for the Board of Directors and Senior Management.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Vertically integrated approach to procurement.
  • Sustainable sourcing of paper material (100%).

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: BRSR, SASB

Certifications: BRC rated AA, ISO 9001:2015

Third-party Assurance: Dhir & Dhir Associates

UN Sustainable Development Goals

  • Goal 7 (Affordable and Clean Energy)
  • Goal 6 (Clean Water and Sanitation)
  • Goal 3 (Good Health and Well-being)
  • Goal 13 (Climate Action)
  • Goal 9 (Industry, Innovation and Infrastructure)
  • Goal 14 (Life Below Water)
  • Goal 15 (Life On Land)
  • Goal 12 (Responsible Consumption and Production)

The report details how various initiatives contribute to these SDGs.

Sustainable Products & Innovation

  • Films with low oligomer content
  • Energy-saving sun control window films
  • Offerings made from post-consumer recycled PET

Awards & Recognition

  • Not disclosed