As per Reuters, LafargeHolcim is dedicating a capital of 100 million Swiss francs ($111.89 million) to cut down its CO2 emissions in India, the world’s largest cement maker said on Thursday. The Swiss company will channel the money to develop waste heat recovery systems at six plants in India, as it looks to reduce its carbon emissions by 500,000 tons a year.
The project, which will be developed over the next two years, and plans to employ thermal heat to produce decarbonised energy. LafargeHolcim has committed to reducing its Scope 2 carbon emissions by 65% compared with 2018 levels. Scope 2 applies to emissions generated indirectly by a company as a result of electricity it purchases.
LafargeHolcim Ltd is a Swiss multinational company that manufactures building materials. It has a presence in around 70 countries and employs around 72,000 employees.
The company has been working to reduce carbon emissions which analysts have said reflected on its share price as environmental concerns have gained more importance among investors. An investor group managing more than $16 trillion in assets earlier this year introduced the world’s first step-by-step plan to aid alignment of pension funds and others with the Paris Agreement on climate change.
