New Delhi: Jindal Stainless has reduced 2.4 lakh tonnes of carbon emissions between 2022-23 and 2023-24, according to a company statement on Wednesday, April 17. Jindal Stainless Ltd (JSL) is taking various measures to reduce the carbon component in its emissions to nil by 2050.

The company plans to generate over 1.9 billion units of clean electricity per annum with a target to reduce over 13.52 lakh tonnes of carbon emissions annually by the targeted year.

"In the last two fiscals (FY22 and FY23), the company has managed to successfully reduce 2.4 lakh tonnes of Co2 emissions) taking it a step closer towards carbon neutrality and responsible manufacturing," the statement said.

The company said it has started using renewable energy sources for its operations. It has also started producing green hydrogen to be used in steel-making processes. Besides, JSL has undertaken digitalisation and technology upgradation for energy efficiency and using EVs at its facilities in Odisha and Haryana.

"These initiatives have contributed to the significant reduction of approximately 2.4 lakh tonnes of CO2 emissions over the past two fiscal years," the company said. It has also joined the SBTi initiative, under which the global climate action body will develop measures to help the company meet its net zero emission targets.

UK-based Science-Based Targets initiative (SBTi) develops standards and tools and guides companies with a framework for setting ambitious emission reduction targets aligned with climate science.

Jindal Stainless has taken several steps in its decarbonisation strategy in recent months. From the establishment of a green hydrogen plant to entering a contract for a 300 MW wind-solar hybrid renewable energy project, the company has strategically aligned its efforts to decarbonise to achieve Net Zero emissions by 2050.

At the prestigious COP28 climate summit, the company said it is set to achieve its mid-term target of 50% carbon emissions reduction well before the target year of 2035 and achieve Net Zero by 2050. It also plans to generate over 1.9 billion units of clean electricity per annum through initiatives that have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum.

On the occasion, the Managing Director, of Jindal Stainless, Mr Abhyuday Jindal, said, “This commitment is an important milestone as we work towards transitioning to a low-carbon economy, and marks the beginning of a rigorous process to develop ambitious, science-driven emissions reduction targets. By aligning with SBTi’s standards, the company aims to significantly reduce its carbon footprint and inspire positive change within the industry.”

Commenting on the development, Chief Sustainability Officer, Mr Kalyan Bhattacherjee, said, “The development of these targets will include a comprehensive assessment of the company’s GHG (Greenhouse Gas) inventory across the operations and the entire value chain. Going forward, we will develop the Science Based Targets (SBTs) aligned with the latest climate science deemed necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels – over the next 24 months and get them validated by the SBTi.”

Article Sources – PTI, Jindal Group