Cairn, Vedanta embarks on ESG journey, targets net-zero carbon by 2050
New Delhi, 21 February 2022.
Cairn Oil & Gas, Vedanta Ltd.is pioneering ESG (environmental, social, and corporate governance)leadership in the oil & gas sector and has committed to achieving net-zero carbon by 2050.The company is committed to investing 4 billion over 3-4 years to double its production, and the newly announced ESG roadmap will enable the company to achieve this vision sustainably.
Speaking on the announcement, Vedanta Founder &Chairman, Mr Anil Agarwal said “Vedanta Group has been at the forefront of sustainable practices that align with the Prime Minister’s goals of achieving net-zero in tandem with positive economic growth. Our oil and gas business is today well-poised to meet India’s energy needs and growth aspirations. Guided by the philosophy of `Zero Harm, Zero Waste, Zero Discharge’, we have formulated robust ESG targets for our operations which will help India’s energy sector become more efficient and enable the country’s journey towards aatmanirbharta.”
Speaking on the announcement, Cairn Oil & Gas, Deputy CEO, Prachur Sah said “ESG has always been a top priority for Cairn Oil & Gas. As we continue our sustainability journey, we are committed to our vision of ensuring holistic socio-economic development while achieving our goal of ensuring energy aatmanirbharta for India. This announcement is a reiteration of our commitment to delivering growth responsibly and sustainably. In line with PM’s vision of net-zero carbon emission by 2070, Cairn stands tall with our country’s energy aspirations.”
The ESG objectives will broadly focus on uplifting lives of people in operational areas through sustainable livelihood opportunities to 1 million people, educating ~9 million students by 2030 through digital education programs alongside uplifting 20 million women and children through education, nutrition, healthcare, and welfare. The company is innovating for a healthier planet by sustainingnet water positive impact, use of renewable energy, planting 2 million trees by 2030, and protecting and enhancing biodiversity throughout the project lifecycle. Further, the company is driving a great workplace by promoting gender parity, diversity, and inclusivity, adhering to global business standards of corporate governance, and remaining focused onthe health & safety of employees and business partners.
Cairn’s dynamic approach towards sustainability can be seen in its operations and CSR initiatives. The entire freshwater requirement of its Rajasthan and Ravva operations are being met through saline aquifers while more than 96% of the produced water is being recycled through reinjection. The company has been efficiently using associated natural gas for meeting its power and heating requirements. Cairn has also planted 279 acres of mangroves along the coasts of the Bay of Bengal and the Arabian Sea. In Rajasthan’s arid Thar, a floral biodiversity park hosting over 100 indigenous species now dots the landscape of Mangala Processing Terminal in Barmer, Rajasthan. Overall, 1,644 acres of area is developed as a greenbelt across Cairn’s operational areas. Similarly, Cairn has worked towards revitalising traditional structures to collect and harvest rainwater and conducted de-siltation of traditional nadis in the arid rural areas of the Thar desert. The company continues to support the lives of people around our operations, impacting over 6 crore people directly and indirectly.