Flexible packaging giant UFlex partners with CREDUCE to achieve carbon neutrality

Reduce nearly 175,000 tonnes of carbon equivalent by the end of 2024

(Noida, India): Indian Prime Minister Narendra Modi’s pledge to make India net zero by 2070 has strengthened the country’s corporate leadership in the carbon market.

Driving the commitment forward, two of India’s leading companies in their own fields have signed an agreement to make this dream a reality. India’s largest multinational flexible packaging materials and solutions company, UFlex, has signed a Memorandum of Understanding and onboarded CREDUCE, India’s fastest growing carbon credit consultancy, as a partner of advice on achieving end-to-end carbon neutrality. The scope would include carbon footprint and neutrality analysis, creation and formalization of carbon and plastic credit balances on an internationally accepted and recognized platform under the Sustainable Development Goal, development of a roadmap for sustainability, etc.

As a socially responsible company, UFlex has led the way in creating future-ready, innovation-driven and technology-driven sustainable solutions to ensure a brighter and healthier future. In its quest for a cleaner and greener environment, the company has announced an agreement with CREDUCE Technologies Limited. With this commitment, UFlex is poised to become the largest company in its category, taking effective action to achieve its environmental, social and governance (ESG) goals. This would involve co-creating a time-limited strategy towards carbon neutrality, starting with their Flexible Packaging division followed by other divisions of the group.

“We have always been committed to guiding our group towards sustainable environmental practices, in particular to achieve carbon neutrality of Scope 1 & Scope 2 emissions. by the end of 2024, across the group. Through our CSR initiatives, we also aspire to implement various community development and awareness programs to achieve the strict ESG objectives we have set for ourselves,” says Mr. Jeevaraj Pillai, Co-President – ​​Flexible Packaging Business, UFlex.

“Socio-environmental sustainability has always been one of our core organizational values ​​for some time now and we have articulated and imbibed the same in all areas of our operation,” says Manas Kumar Sarkar, Managing Director – HR and sustainability at UFlex’s Flexible Packaging Business.

Additionally, UFlex, in consultation with CREDUCE, intends to leverage its sustainability initiatives and accumulate carbon credits. UFlex has championed this effort with its global sustainability initiative “Project Plastic Fix” which includes methodologies such as – MLP Recycling (converting industrial and post-consumer plastic waste into pellets), Asclepius PCR Grade Film Manufacturing (by recycling discarded PET bottles) and biodegradable laminates (which will convert uncollected packaging waste into fertilizer within a specified time) to restore the benefits of plastics and create a circular economy. UFlex offers a multitude of green products across its entire business, namely Green Inks, Water Based Adhesives, PCR Films, MLP Recycling Machines, Water Based Cylinders, Alu Blisters -Alu and many others, testimonies of their environmental commitment.

“It is a huge honor and excitement to see such industry giants take great strides towards sustainability and carbon neutrality. At CREDUCE, we see huge potential among organizations like UFlex to accumulate carbon credits. We would be able to strategize towards a zero carbon footprint. These carbon credit accumulations would be combined with community development initiatives such as smoke-free stoves and clean drinking water. Companies like UFlex can lead the way. other actors,” says Shailendra Singh Rao, director of CREDUCE.

Several studies have addressed the environmental impact of #plastic, but more emphasis needs to be placed on #plasticwaste management #sustainable production processes, reducing dependence on fossil fuels and the steps that will lead to positive environmental impacts such as reduced greenhouse gas (GHG) emissions. Considering all of the above, organizations around the world are gradually moving towards carbon neutrality and net zero carbon emissions. The MoU reaffirms the progress of Indian companies towards achieving the goal of sustainability and helps India lead the environmental fight.

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