This environmental report covers the GHG emissions of Bonphul and tracks its transition to circular economy.
Environmental degradation, climate change and the rapid extraction and consumption of natural resources are the leading global issues adversely affecting the health of the planet and its inhabitants. To combat these issues, companies across the world are developing comprehensive and multi-layered strategies as a part of their sustainable development initiatives.
Greenhouse gases (GHG) released into the atmosphere by burning of fossil fuels and land use changes are attributed to a global temperature rise of more than 1˚C from pre-industrial times. One of the first steps companies can take is to have a detailed understanding of its GHG emissions in order to identify reduction opportunities and thereby improve operational efficiency, prepare for future climate policies, for example, regulations on energy efficiency, carbon taxes, and communicate their commitment to key stakeholders such as customers and investors.
Industrialisation, or when goods began to be mass produced, also brought about a behaviour that engendered a sense that resources are infinite. Resources are taken from the ground to make goods and when the goods are no longer needed they are thrown away. Such a system is referred to as a linear economy. Contrary to the linear economy, a circular economy focuses on designing out waste and pollution, keeping products and materials in use and regenerating natural systems. Organisations work towards transitioning from a linear to a circular economy to reduce their impacts during the value creation process and to create positive shareholder value.
Bonphul Air Products was established four years back as a manufacturer of indoor air quality products. From FY 2021-22, it pivoted to becoming an ‘industrial gas’ company. With sustainable development as one of its founding principles, Bonphul has developed products that are certified green. The company wants to further its efforts around sustainability and hence has decided to put together an environmental report to identify, track and implement green initiatives.