ESG is key in driving the alignment of core business strategy with vision of sustainability of a company.
Jindal Steel & Power (JSP), having a plan to make the world’s largest single- location steel-making complex at Angul, Odisha by 2030, is setting an ambitious target of becoming net carbon zero by 2035. The company’s ESG focus is defining the way that it manages its resource consumption, waste, emissions profile, carbon footprint, corporate behaviour, people practices and social responsibility.
Jindal Steel & Power Chairman Naveen Jindal, in his address to shareholders at the company’s Annual Report, said, “We have also aligned with the global decarbonisation drive, setting up an ambitious target of ensuring carbon emissions remain below 2.0 t/tcs by 2030 and becoming net carbon zero by 2035. Embedding sustainability practices in all areas of our operations help us contribute to a greener and cleaner future and create a better world for generations to come.”
“As India re-emerges as one of the fastest growing major economies in the world, steel is set to play a significant role in its growth story. Infrastructure will continue to act as an economic multiplier for India and become an important avenue of employment generation. As an affordable, reliable, and infinitely recyclable material, steel will enable India’s transition into a cleaner and greener future.”, he said.
“Despite challenging circumstances, today, JSP has emerged as one of the most deleveraged steel companies. Building on the learnings of the past, we have developed key strategic focus areas to guide us in ushering in an era of business sustainability.”, he added.
The Company successfully divested Jindal Power Limited (JPL) on 30 May 2022 to Worldone Private Limited. The divestment will boost the Company’s ESG scores with a reduction in its carbon footprint associated with thermal power plants, the company said.
In a message to the stakeholders, Bimlendra Jha, MD, Jindal Steel & Power said,” At JSP, we believe that the steel sector will play an important role in the global transition towards sustainability. Towards this end, we are focused on improving our Environmental, Social and Governance (ESG) performance. Our ESG focus is defining the way we are managing our resource consumption, waste, emissions profile, carbon footprint, corporate behaviour, people practices and social responsibility.
“In fact, we are ahead of the curve in the Indian steel industry in producing ‘environment-friendly steel’. Our planned expansion of CGP and DRI at Angul is an important component of how we plan to make the world cleaner and greener for future generations.”, he added.
“We carefully direct our strategic efforts across economic, social, and environmental platforms. This is because of our steadfast vision of aligning our core business strategy with sustainability. We firmly believe that this is the best approach to developing a sustainable strategy that creates maximum value for all stakeholders.”, the company report said.
