Vedanta puts in place comprehensive framework to become ESG leader
New Delhi/Mumbai October 08, 2021: Vedanta, a global natural resources company, has taken up a transformative program to embed ESG into every aspect of its decision-making and performance evaluation process.
Vedanta, which has been on a sustainability journey for the past decade with its commitment to responsible mining, is participating in the Dubai Expo to highlight its goal to become an ESG leader.
Vedanta Group CEO Sunil Duggal said, “The subject of climate change has taken center stage for people and our planet. It is time for everyone to understand our responsibilities towards this reality. We at Vedanta, understand we have a major role to play and are a company that deals in future looking green metals. We are currently in the midst of a transformative program to embed ESG into every aspect of our decision-making and performance evaluation.”
The focus on renewables will lead to a more mineral-intensive world, Mr. Duggal said since electric cars will require six times more minerals than the conventional car, and the onshore wind required nine times more mineral than the gas field plant. Vedanta with its portfolio of future looking metals will have a pivotal role to play in this, he said.
“Vedanta is actively working towards its philosophy of ‘Zero Harm, Zero Waste & Zero Discharge’, and we stand committed to making India and this world a better place – relying on the principles of environmental stewardship, social equity and impact, and good corporate governance. I appeal to everyone to be part of this journey and each of us can do our bit to make this world a better place,” he added.
In its pledge towards the future requirements of climate change, Vedanta is among the 24 Indian companies who are signatories to the “Declaration of the Private Sector on Climate Change” and are committed to decarbonizing their operations by 2050.
Vedanta group company Hindustan Zinc has also set stiff targets to reduce the impact of climate change.
According to Arun Mishra, CEO – Hindustan Zinc Limited: “Climate change is something which is real, and we are talking about this today. I would like to highlight the need of the hour, which is a responsive, a multinational approach to climate justice in which all countries should take their fair share in responding to global climate change issues. In Hindustan Zinc we have already taken sustainable development goals for 2035 for reducing about .5 million tons of carbon emission reduction. It is our clear vision to close down thermal power plants and shift to renewable energy in the next 5 years.”
Vedanta has released the first Climate Change Report in line with the Taskforce on Climate-related Financial Disclosures (TCFD), becoming the first Indian metals and mining company to do so. Their collaboration with TCFD will bring in greater transparency in their disclosure standards.
Vedanta has been at the forefront of sustainable practices and is leveraging new technologies to safeguard the environment and communities. Guided by the philosophy of `Zero Harm, Zero Waste, Zero Discharge’, Environmental, Social and Governance (ESG) practices are at the heart of Vedanta’s operations which are focused on delivering sustainable and responsible growth thereby creating value for all stakeholders.
The company has ensured that more than 94% of high-volume-low-impact waste gets recycled annually. They have created positive social impact to more than 3 million individuals in communities and additionally generated awareness on Covid to more than 39 million individuals via e-learning programs.
Vedanta is committed to reduce its GHG emissions intensity by 20 per cent by FY2025. The company has reduced GHG emissions intensity by 13.83% in FY20 as against the FY12 baseline. This reduction is equivalent to ~9 million tons in avoided GHG emissions. Through sustained efforts across business units, Vedanta achieved energy savings of 1.92 million GJ in FY2020