FOR JINDAL STAINLESS exports constitute approximately 15% of sales volume; about 40% goes to Europe. While Europe presents a significant growth opportunity for the stainless steel major, the European Union’s Carbon Border Adjustment Mechanism (CBAM) could have posed a hurdle. But the company’s focus on sustainability and reducing carbon emissions has helped it stay competitive. “CBAM’s transition period, starting from October 1, 2023, imposes extensive data compliance requirements on Indian exporters,” says Abhyuday Jindal, MD of Jindal Stainless. “While CBAM won’t immediately affect our business financially, the financial implications will begin on January 1, 2026.”
CBAM, in its transition period till December 2025, mandates that importers of goods in the scope of the new rules will have to report greenhouse gas (GHG) emissions embedded in their imports (direct and indirect). But more on that later.
Jindal Stainless isn’t the only Indian manufacturer to be impacted by CBAM. While Tata Steel’s, exports to Europe is only about 1-2% of overall India production, “the company is already reporting its emissions using the WSA (World Steel Association) and GHG methodologies in its integrated report and has completed life cycle analyses for its major steelmaking sites”, says Rajiv Mangal, Vice President (Safety, Health & Sustainability), Tata Steel.
Other manufacturers across sectors such as iron, aluminium, etc., that export to the EU are also taking steps to comply with CBAM. But what is CBAM?
The EU has pledged to reduce its net GHG emissions by at least 55% by 2030 (compared to 1990 levels) and achieve climate neutrality by 2050. Towards that, it has devised CBAM, with which it aims to impose a fair price on emissions during the production of carbon-intensive goods entering the EU and encourage cleaner industrial production in non-EU countries.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.