Engineering and construction giant Larsen & Toubro (L&T) on Thursday said it targets to achieve carbon neutrality by 2040.

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The target is ahead of the Paris Agreement deadline of 2050.

The management of L&T is now committed to achieve carbon neutrality by 2040, said the company's Whole-Time Director and Senior Executive Vice-President (Energy) Subramanian Sarma.

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Sarma said this during the virtual launch of 4th Integrated Report 'Sustainable Progress for a Better World'.

The target, Sarma said, is much ambitious, doable and the company is confident that it will achieve it.

Raising the ambition to the next level, the company said it is undertaking big goals related to climate change and water security.

"The company aims to achieve...Water neutrality by 2035," L&T said.

L&T's key arms such as Mindtree, L&T Infotech (LTI), L&T Technologies (LTTS) and L&T Finance Holdings Ltd (LTFH) are also taking meaningful actions and ambitious targets in these areas.

Mindtree, LTI and LTTS have taken targets of becoming carbon neutral and water neutral by 2030. Similarly, LTFH has taken the target to become carbon neutral by 2035.

Sarma said said the company is taking environmental, social, and governance (ESG) commitment across its various businesses seriously.

The company reaffirmed its commitment to integrate its ESG goals with business targets and said that it is working towards becoming a 'net zero' company.

A net zero company achieves a state in which the activities of the company result in no net impact on the climate from greenhouse gas emissions.

Over the years, L&T has been focusing on ESG parameters such as climate stewardship, circular economy, green offerings, green supply chain, employee and social welfare, workforce health and safety.

Its CEO and Managing Director S N Subrahmanyan said, "We are reaffirming our vision, policies, frameworks, roadmaps and action plans on ESG. Our ESG roadmap will align with our 5-year strategic plan - Lakshya 2026."

Subrahmanyan added that it will reflect the company's commitment to climate leadership, water stewardship, circular economy, green supply chain, biodiversity, and green offerings. "In line with the global push on ESG, we are gearing up for a step-change in our ambitions to scale new heights." PTI