With this new commitment, UFlex stands to become the largest firm in this category to take effective steps to meet its environment, social and governance (ESG) goals. This would entail co-creating a time-bound strategy towards carbon neutrality, beginning with its flexible packaging division followed by other divisions of the group.
“We were always committed to steer our group towards sustainable environmental practices, especially to achieve carbon neutrality in scope 1 and scope 2 emissions. We aspire to cut about 175,000 tonnes of carbon emission equivalent by the end of year 2024, across the group. Through our CSR initiatives, we also aspire to implement various community development and outreach programmes to achieve the stiff ESG goals that we have set for ourselves,” Jeevaraj Pillai, joint president, flexible packaging business, UFlex, said.
“Socio-environmental sustainability has always been one of our core organisational values for quite some time now and we have articulated and imbibed the same in all walks of our functioning,” Manas Kumar Sarkar, general manager, HR and Sustainability at flexible packaging business of UFlex, said.
Besides this, UFlex, in consultation with Creduce, intends to leverage its sustainability initiatives and accrue carbon credits. UFlex has been championing this effort with its global sustainability initiative — Project Plastic Fix — which includes methodologies such as MLP recycling (converting industrial and post-consumer plastic waste to granules), manufacturing of PCR-grade films Asclepius (by upcycling discarded PET bottles) and biodegradable laminates (that will convert uncollected packaging waste into fertiliser within a fixed period of time) to reinstate the benefits of plastics and create a circular economy. UFlex offers a host of green products across its businesses, namely green inks, water-based adhesives, PCR films, MLP recycling machines, water-based cylinders, alu-alu blister packs and many more.
“At Creduce, we see huge potential among organisations like UFlex to accrue carbon credits. We would be able to strategise a path towards a complete zero carbon footprint. These accruals of carbon credits would be clubbed with community development, initiatives such as smokeless stoves and clean potable water. Firms like UFlex can lead the way for other players to follow,” Shailendra Singh Rao, director, Creduce, said.