LafargeHolcim to spend $112 million to cut CO2 emissions in India

FILE PHOTO: The logo of LafargeHolcim, the world's largest cement maker, is seen at its headquarters in Zurich, Switzerland March 2, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - LafargeHolcim is allocating 100 million Swiss francs ($111.89 million) to reduce its CO2 emissions in India, the world’s largest cement-maker said on Thursday.

The Swiss company will spend the money on 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 completed over the next two years, aims to use thermal heat to produce decarbonised energy.

LafargeHolcim has committed to reduce 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 buys.

The company has been working to reduce its carbon emissions which analysts have said have weighed on its share price as environmental concerns become increasing important for investors.

An investor group managing more than $16 trillion in assets earlier this year launched the world’s first step-by-step plan to help pension funds and others align their portfolios with the Paris Agreement on climate change.

Reporting by John Revill; Editing by Clarence Fernandez and Vinay Dwivedi