Press Releases

  • Leading Corporates bag TERI Corporate Environment Awards

    5 June 2004

    Reliance Industries, Indian Oil Corporation and Tata Sponge Iron Ltd were awarded the prestigious TERI Corporate Environment Awards by Shri Namo Narain Meena, the union minister of state for Environment and Forests, on the World Environment Day, here today.

    Giving away the awards, Shri Meena said: "The Corporate Sector is a critical player in the developmental process of the country. Therefore, in this new set of operating conditions and expectations, the role of corporates is much more than just enhancing the nation's GDP." He said that through business and environment were regarded to adopt antagonistic positions; better awareness and information were changing the attitude of businesses. "Businesses now realize that cleaner and efficient ways of doing business are more profitable and more sustainable," he said.

    Shri Meena observed that institutions like The Energy and Resources Institute (TERI) played a constructive role in building up the awareness among businesses. And TERI Corporate Environment Awards were a testimony to this.

    Speaking at the occasion, Dr Prodipto Ghosh, Secretary, Ministry of Environment and Forests said that there were two compelling reasons for the corporates to go for such prestigious awards. "First, recognition of the environment is often looked up as a proxy for the quality of the management and services of the company. Second reason is that unlike the popular belief, there are strong negative cost returns with such initiatives," he said. He said the more a company invested in ethical environmental practices, the more are the chances of improved profits.

    Chairman of the selection committee and former chief justice of India, Justice J S Verma said that ever since the Awards were constituted, the task of evaluation became harder by the year. "This is clearly a mark of improvement in the attitude of corporations towards environmental issues."

    Earlier, welcoming the gathering, Dr R K Pachauri, Director General, TERI said that since India was on its growth path, we must ensure that all our initiatives should be in harmony with our natural environment. He said the idea of establishing environment awards were justified because of the increasing enthusiasm and participation of the corporate sector.

    TERI Corporate Environment Awards were set up in 2000 with the objective to recognize the leadership efforts of corporates in environmental management and sustainable initiatives. It seeks to recognize innovative practices, programmes and projects that promote sustainable development. This year, Tata Sponge Iron Ltd bagged the first prize in its category. The company, by utilizing the waste heat from the kilns, the company conserved significant amount of natural resources and improved the plant's profitability.

    Barauni Refinery of Indian Oil Corporation (IOC) won the first prize in its category by installing and commissioning of flue gas scrubbing unit to reduce the particulate matter and Sulphur Dioxide. The company through this initiative reduced the Sulphur Dioxide emission from 546 kg/hr to 71 kg/hr and particulate matter from 40 kg/hr to 2.0 kg/hr.

    Reliance Industries' Hazira Plant won the second prize in the same category. The company developed a system has offered several advantages, the polymer gets removed from the cake by a safe hydrolysis method and further cleaning process of the powder is done effectively in a simple equipment. The quality of Stainless Steel powder so recovered is excellent and hence total recovery is made.