Cairn, Vedanta embarks on ESG journey, targets net-zero carbonby 2050

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• Cairn’s ESG goalsinclude important measuressuch as positively impacting 30 million lives by 2030 through community upliftment interventions

• With its vision firmly set to double the country’s crude production, ESG goals will enable a sustainable growth trajectory

New Delhi, 21 February 2022:Cairn Oil & Gas, Vedanta Ltd.is pioneeringESG (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 robustESG targetsfor 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 sustainabilitycan 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 nadisin 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.

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About Cairn Oil & Gas, Vedanta Ltd.

Cairn Oil & Gas, Vedanta Ltd., is the largest private oil and gas exploration and production company in India, accounting for more than a quarter of India’s domestic crude oil production. It has a world-class resource base, with a current interest in 58 blocks in India, including the 41 blocks under the Open Acreage Licensing Policy (OALP) Round I auction, five blocks each under Round II and Round III, and two awarded under the Discovered Small Fields (DSF) Round-II. In 2004, Cairn made the largest onshore discovery in more than two decades in India at Mangala, Rajasthan. In its operations of 20 years, Cairn has opened four frontier basins with numerous discoveries, 38 in Rajasthan alone. Cairn Oil & Gas has recently reiterated that it is a separate entity with no connection to Cairn Energy PLC, the Scottish oil and gas exploration company. The brand name ‘Cairn’ is now exclusively owned by Vedanta Limited, and all others will discontinue the use of the brand name ‘Cairn’.

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals companies with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium& Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation-building. Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and the environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net-zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company’s flagship social impact program, Nand Ghars, has been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programmes with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta and the group companies company have been featured in Dow Jones Sustainability Index 2020, and was conferred Frost & Sullivan Sustainability Leaders Award 2020& 2021, CII Environmental Best Practices Award 2020, CSR Health Impact Award 2020, CII National Award 2020 for Excellence in Water Management, CII Digital Transformation Award 2020, ICSI National Award 2020 for excellence in Corporate Governance, People First HR Excellence Award 2020, ‘Company with Great Managers 2020’ by People Business and certified as a Great Place to Work 2021. Vedanta’s flagship Nand Ghar Project was identified as the best CSR project by the Government of Rajasthan. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

 

 

 

 

 

 

 

 

 

 

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