L&T Technology Services and Thales Sign Joint Commitment to Take Action for a Low-Carbon Future

During the 2023 Paris Air Show, L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leading pure-play engineering services company (LTTS), signed a letter of intent with Thales, a global technology leader in the areas of defence and security, aeronautics and space, and digital identity and security, agreeing to work together to tackle climate change in their respective value chains.

Thales is working with its strategic suppliers to achieve its CO2 emissions reduction targets for 2030, which have been validated by the SBTi and are compatible with the objectives of the Paris Agreement:

- a 50% reduction in absolute CO2 emissions related to its operational processes (Scope 1) and energy consumption (Scope 2)

- a 15% reduction in absolute CO2 emissions related to its supply chain and the use of its products by customers (Scope 3)

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

“As part of our Strategy for a Low-Carbon Future, procurement teams across Thales are working diligently with growing numbers of key suppliers to reduce the carbon footprint of our respective value chains. We will only meet our ambitious objectives by working hand-in-hand with our suppliers to promote energy efficiency and the use of renewable energy sources, optimise our processes and logistics operations, and adopt the principles of eco-design for our new products,” said Roque Carmona, Chief Procurement Officer, Thales.

“We are pleased to join Thales in their vision to make the world safer, greener and more inclusive. The pledge is aligned to LTTS’ own commitments of water and carbon neutrality by 2030 and will strengthen our vision to engineer a more sustainable future for all. Together with Thales, we will continue to develop innovative digital solutions that align with our end customers' sustainability roadmaps,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

LTTS will be supporting Thales in offering end-customer services and solutions spanning smart traffic management solutions across air, sea, and road to optimize their operations and carbon footprint, as well as implementing eco-design in its product development process. Additionally, LTTS will help Thales to cut its digital carbon footprint.

LTTS' sustainability practice is creating engineering services-based innovative digital solutions that align with the customers' sustainability roadmap. In 2021, the company identified Sustainability as one of its Big Bets and came out with a roadmap to achieve carbon and water neutrality by 2030.

Thales has already reviewed and approved the action plans of more than 150 of its most emissive suppliers, which include measurable goals and timelines for reducing carbon emissions. As of June 2023, more than 40 suppliers have signed letters of intent to take action in support of Thales’s carbon footprint trajectory.

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies within three domains: Defence & Security, Aeronautics & Space, and Digital identity & Security. It develops products and solutions that help make the world safer, greener and more inclusive. The Group invests close to €4 billion a year in Research & Development, particularly in key areas such as quantum technologies, edge computing, 6G and cybersecurity. Thales has 77,000 employees in 68 countries. In 2022, the Group generated sales of €17.6 billion¹.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 22,200 employees spread across 22 global design centers, 28 global sales offices and 99 innovation labs as of March 31, 2023. For more information, please visit https://www.LTTS.com/

¹ These figures do not include the Transportation business, which is currently being divested.

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