Hitachi ABB Power Grids Sets Program To Achieve Carbon Neutrality By 2030, Stock Gains Over 4%

Technology pioneer Hitachi ABB Power Grids announced its plans to introduce a comprehensive program, in order to achieve carbon-neutrality targets by 2030 in its own operations on Wednesday, May 26. According to a regulatory filing by the technology leader to the stock exchanges today, Hitachi ABB Power Grids will adopt a three-dimensional approach to decarbonisation to achieve carbon neutrality by 2030. Hitachi ABB Power Grids is listed as ABB Power Products and Systems India Limited on stock exchanges BSE and NSE. (Also Read: Hitachi ABB Power Grids Wins Order Worth ₹ 124 Crore From Bharat Aluminum Company )

According to the statement, the programme is designed to reduce the carbon footprint of the company’s own operations and in the products which it delivers. Hitachi ABB Power Grids expects to achieve its carbon-neutral target of 100 per cent fossil-free electricity by the end of the financial year 2021-22. The technology leader is also electrifying its operations to improve efficiencies.

The company’s additional targets for 2030 include a 50 per cent reduction in carbon-dioxide emissions along with the value chain and the introduction of greenhouse gas-free technology solutions. As part of its sustainable development affirmation, two more of its targets relate to a 50 per cent reduction in waste generation and cutting freshwater usage by 25 per cent, through the next 10 years.

After the announcement of the program, shares of  ABB Power Products and Systems edged more than four per cent higher on Wednesday, throughout the trading session. ABB Power Products and Systems opened on the BSE at Rs 1,818.35, swinging to an intra day high of Rs 1,937.60 and an intra day low of Rs 1,790, throughout the trading session today.

Shares of ABB Power Products and Systems settled 4.05 per cent higher at Rs 1,881 on the BSE.