ESG at the core, Reliance Industries takes bold steps towards sustainable progress, setting a new standard for corporate responsibility and sustainable growth in India.
Reliance Industries Limited (RIL), one of India’s largest conglomerates, has been committed to creating sustainable value for all its stakeholders. The company has been consistently working towards achieving its environmental, social, and governance (ESG) goals. In its Integrated Annual Report 2021-22, the company has shared its progress towards achieving its ESG targets.
Here are the five ESG updates at Reliance Industries.
Reducing Carbon Emissions
RIL is committed to reducing its carbon emissions and achieving net-zero emissions by 2035. The company has already taken significant steps towards this goal. In FY21, RIL’s total carbon emissions decreased by 24% compared to the previous year. The company has also set up a dedicated team to explore opportunities for carbon capture, utilization, and storage (CCUS) technologies.
- In FY21, RIL’s total greenhouse gas emissions decreased from 28.2 million tonnes to 21.4 million tonnes.
- The company has set a target to reduce its emissions intensity by 41% by 2035.
- RIL has also partnered with the World Wildlife Fund (WWF) to promote sustainable business practices.
Renewable Energy
RIL has been steadily increasing its renewable energy capacity. In FY21, the company added 774 MW of renewable energy capacity, taking its total renewable energy portfolio to 4,972 MW. The company has set a target of achieving 100 GW of solar energy by 2030. RIL is also exploring opportunities in green hydrogen, which has the potential to revolutionize the energy industry.
- RIL’s total renewable energy capacity now accounts for 11.8% of its total energy portfolio.
- The company has set a target to increase its renewable energy capacity to 20 GW by 2025 and 100 GW by 2030.
- RIL has invested in several renewable energy projects, including wind and solar energy, as well as energy storage solutions.
Circular Economy
RIL is committed to promoting a circular economy by reducing waste and increasing recycling. In FY21, the company recycled 45,974 metric tons of waste, which is equivalent to saving 120,044 trees. The company has also set up India’s first PET bottle-to-bottle recycling plant, which has the capacity to recycle 2 billion PET bottles per year.
- RIL has set a target to reduce its plastic footprint by 50% by 2030.
- The company’s PET bottle-to-bottle recycling plant has the capacity to recycle 2 billion PET bottles per year, saving over 100,000 tonnes of carbon dioxide emissions.
- RIL has also developed a process to convert post-consumer plastic waste into transportation fuels.
Social Impact
RIL has been actively working towards creating a positive social impact. The company has launched several initiatives in the areas of healthcare, education, and livelihoods. RIL’s flagship initiative, the Jamnagar Refinery Township Project, has provided housing, education, and healthcare facilities to over 250,000 people. The company has also launched the Jio Institute, a world-class educational institution that aims to provide affordable and high-quality education to students in India.
- The Jamnagar Refinery Township Project has provided housing, education, and healthcare facilities to over 250,000 people.
- The company’s Reliance Foundation has reached over 29 million people across India through its various initiatives in healthcare, education, and rural development.
- RIL has also provided employment opportunities to over 280,000 people, both directly and indirectly.
Governance
RIL has a robust corporate governance framework in place. The company has implemented several measures to ensure transparency and accountability in its operations. RIL’s board of directors comprises eminent individuals with diverse backgrounds and experience. The company has also set up a whistleblower mechanism to enable employees and stakeholders to report any concerns or violations.
RIL’s board of directors comprises 14 members, including six independent directors and two women directors.
The company has adopted a Code of Conduct and Ethics for its employees and suppliers.
RIL has set up a grievance redressal mechanism to address complaints from stakeholders.
The company’s efforts towards sustainable growth are not only admirable but also essential for the long-term success and resilience of the business.
Reliance Industries Limited has been making significant progress towards achieving its ESG goals. The company’s commitment to sustainability is evident from its actions and initiatives. RIL’s efforts towards reducing carbon emissions, promoting renewable energy, creating a circular economy, making a social impact, and implementing good governance practices are commendable. The company’s focus on ESG is not only beneficial for the environment and society but also for its long-term growth and profitability.
Copy Right – India CSR Network
