scorecardresearch
Vedanta vows to cut greenhouse gas emissions by 20% in next 2 years

Vedanta vows to cut greenhouse gas emissions by 20% in next 2 years

The global natural resources company aims to embed ‘Environmental, Social and Governance,’ or ESG metrics into every aspect of its decision-making and performance evaluation process.

Vedanta also announced to embed 'Environmental, Social and Governance' or ECG into every aspect of its decision-making and performance evaluation process Vedanta also announced to embed 'Environmental, Social and Governance' or ECG into every aspect of its decision-making and performance evaluation process

The global natural resources company Vedanta has said it aims to reduce its greenhouse gas emissions intensity by 20 per cent by FY25. The company said it has already reduced these emissions by 13.83 per cent in FY20, against the FY12 baseline.

"This reduction is equivalent to 9 million tonnes in avoided greenhouse gas emissions. Through sustained efforts across business units, Vedanta achieved energy savings of 1.92 million GJ in FY2020," the company said.

Vedanta also said it aims to embed 'Environmental, Social and Governance,' or ESG metrics into every aspect of its decision-making and performance evaluation process. The company is also participating in the Dubai Expo to highlight its goal to become an ESG leader.

Vedanta Group CEO Sunil Duggal said climate change has taken a centre stage now. "We, at Vedanta, understand we have a major role to play and are a company that deals in future-looking green metals," he said.

Duggal said this focus will lead to a more mineral-intensive world, as electric cars will require six times more minerals than conventional cars. Similarly, the onshore wind will require nine times more minerals than the gas field plants, he said.

Also read: Vedanta Resources slashes net debt by $300 mn in H1FY22

Notably, Vedanta is among the 24 Indian companies, which are signatories to the "Declaration of the Private Sector on Climate Change". They are committed to decarbonising operations by 2050.  

Vedanta group company Hindustan Zinc has also set stiff targets to reduce the impact of climate change. Its CEO Arun Mishra said there's a need to have a responsive and multinational approach towards climate change. "At Hindustan Zinc, we have already taken sustainable development goals for 2035 for reducing about 0.5 million tonnes 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," he said.

Vedanta has also released the first 'Climate Change Report' in line with the task force on climate-related financial disclosures, becoming the first Indian metals and mining company to do so. This will lead to greater transparency in its disclosure standards, it said.

Also read: Cairn to produce India’s 50% oil, gas in 2-3 years: Anil Agarwal