Jindal Stainless, India’s
largest stainless steel manufacturer, today announced its official commitment
to the near-term science-based emissions reduction and Net Zero targets
outlined by global climate action body Science-Based Targets initiative (SBTi),
in a significant step towards achieving carbon neutrality. The development
makes the company the largest such player in the stainless steel and steel
sector in the country to express the intent.
On the occasion, Managing Director, 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.”
Jindal Stainless has taken
several steps in its decarbonisation strategy in the recent months. From the
establishment of a green hydrogen plant to entering into a contract for a 300
MW wind-solar hybrid renewable energy projects, the company has strategically
aligned its efforts to decarbonise with the aim of achieving 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.
By committing to set a
net-zero target, the company has also become part of the Race to Zero campaign
- the UN-backed global campaign to rally leadership from all non-state actors
including companies, cities, regions, financial, educational, and healthcare
institutions for a healthy, resilient, zero carbon recovery.
The SBTi is a collaboration
between CDP, the United Nations Global Compact, World Resources Institute (WRI)
and the World Wide Fund for Nature (WWF) and one of the We Mean Business
Coalition commitments. The global body develops standards, tools and guidance
for companies and financial institutions worldwide to play their part in
combating the climate crisis and provides companies with a framework for setting
ambitious emissions reduction targets aligned with climate science. The
organisation defines and promotes best practice in science-based target
setting, offers resources and guidance to reduce barriers to adoption, and
independently assesses and approves companies’ targets. Near-term science-based
targets are 5-10 year GHG mitigation targets in line with 1.5°C pathways,
whereas Net-zero science-based targets are long-term targets to reduce
emissions to a residual level in line with 1.5°C scenarios by no later than
2050. Jindal Stainless is publicly listed as “Committed” on the SBTi website www.sciencebasedtargets.org/target-dashboard
Following approval, the company is required to inform the targets of the
stakeholders, disclose the organisation’s emissions annually and monitor
progress against the target as stated in the SBTi criteria.