Cyient and Thales Join Forces to Combat Climate Change, Sign Letter of Intent

17 Nov 2023 , 09:40 AM

Cyient, a global digital, engineering, and technology solutions company, signs a letter of intent (LoI) with Thales to collaborate on climate change initiatives. The agreement, formalized during the 70th anniversary of Thales in India, outlines a commitment for both companies to address climate change throughout their business value chains.

Thales is actively working with strategic suppliers to achieve CO2 emissions reduction targets by 2030, validated by the Science-Based Targets initiative (SBTi) and aligned with the Paris Agreement objectives.

The Paris Agreement targets include a 50% reduction in absolute CO2 emissions related to operational processes (Scope 1) and energy consumption (Scope 2), and a 15% reduction in absolute CO2 emissions related to the supply chain and product usage by customers (Scope 3).

Thales aims to achieve net-zero operations-related CO2 emissions (Scopes 1 and 2) by 2040.

Roque Carmona, Chief Procurement Officer at Thales, emphasizes the importance of collaboration with suppliers to meet ambitious objectives in energy efficiency, renewable energy adoption, process optimization, logistics efficiency, and eco-design principles for new products.

Cyient, dedicated to its ESG roadmap, collaborates with clients and suppliers to contribute to sustainability efforts, says Krishna Bodanapu, Executive Vice Chairman and MD of Cyient Ltd.

Notably, Cyient’s shares have surged by 103% this year, reaching from Rs 803.70 per share to Rs 1,634.50 per share. The stock achieved significant milestones, breaking the Rs 1,000 mark in March and reaching a record high of Rs 1,945 in September.

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