Energy is a key focus area in ITC's strategy for mitigating climate change risks. Since making sustainability a core objective in all business operations nearly two decades ago, it has worked to a low carbon growth plan in which expanding its renewable energy portfolio is a top priority.
ITC currently utilizes wind, solar and biomass energy. Each Company Business is mandated to find the best solution to increase its use of renewable energy. For example, the Hotels Business mainly utilizes wind energy both from commercial grids and self-owned wind farms as well as solar energy. The energy-intensive Paperboards Business mainly uses biomass energy and further improves efficiencies by only using either locally sourced material or the by-products of its own manufacturing operations. To pursue continuous improvement in energy and emissions related performance, ITC businesses have taken up specific energy as well as specific Greenhouse Gas emission reduction targets.
Systematic implementation of action plans has kept the share of carbon neutral fuels consistently at over 30% of our total energy consumption for about a decade. The current share of about 42% has been achieved despite considerable growth in business and manufacturing operations. This represents an achievement of more than 80% of the target set by ITC of meeting 50% of total energy requirement from renewables. ITC GHG Emissions have declined overall by 2% in 2019-20. The Company is also targeting a 50% reduction in specific emissions and 30% reduction in specific energy consumption by 2030 over a 2014-15 baseline.