Mahindra Group – Ahmad Rashad – 2025
Summary
Ahmad Rashad worked with Mahindra & Mahindra Ltd. to revise their Science-Based Targets to align with the latest SBTi Land Transport Guidance and Corporate Net-Zero Standard.
Goals
As part of its climate leadership journey, Mahindra & Mahindra enlisted the Climate Corps fellow Rashad to realign SBTi near-term and net-zero targets with updated SBTi standards, namely the Land Transport Guidance (V1.1) and the Corporate Net-Zero Standard (V1.2). The realignment aimed at ensuring consistency with limiting global warming to 1.5 °C and WB2C in line with the Paris Agreement. The exercise also sought to ensure compliance with new SBTi requirements, including 4.2% minimum annual emissions reduction, ICE phase-out, and compulsory target setting for Scope 3 Category 11 emission reduction.
Solutions
Rashad first studied the SBTi requirements and chose a suitable applicable standard from the many guidances available within SBTi. After deciding upon the preferred standard, he studied the emissions data reported by Mahindra & Mahindra in the past few years and defined revised base years based on data availability and alignment with SBTi data requirements. Rashad then proposed various target scenarios and recommended the most appropriate target scenario for Mahindra & Mahindra’s according to its organisation structure and conducted industry benchmarking to validate classification and ambition levels. The targets were modelled for both near-term targets and Net-Zero targets by utilizing SBTi target-setting tools. He also studied the implications of the upcoming Corporate Net-Zero Standard Draft V 2.0 on M&M by comparing the draft standard with the existing standard (V 1.2) and evaluated the pros and cons of applying for SBTi targets in the current year versus waiting for V 2.0 standards to come into effect.
Potential Impact
Rashad’s recommendations position Mahindra & Mahindra as a climate-forward leader in the automotive and farm equipment industry. Aligning targets with the latest SBTi guidelines reduces non-compliance risks with international climate standards and meets global customer and investor expectations. These targets will guide product timelines, capital investments, and R&D’especially for ZEVs and low-carbon agri-machinery. From a broader perspective, the project supports India’s national climate goals and the Paris Agreement’s 1.5°C ambition. It also enhances Mahindra’s ability to attract climate-aligned financing and aligns with global initiatives like the UN Global Compact’s Forward Faster, which Mahindra has signed.
