Vedanta Resources releases ninth Sustainable Development Report

This article updates on key highlight of Vedanta Sustainable Development Report 2016-17

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By Rusen Kumar

MUMBAI: Vedanta Resources, with over 70,000 employees, a London Stock Exchange listed, globally diversified natural resources company with interests in Zinc, Lead, Silver, Copper, Iron Ore, Aluminium, Power and Oil & Gas, has released its ninth Sustainable Development Report for the year 2016-17.

The report outline a significant positive impact to its all stakeholders including community, investors, staffs and governments. Report has described Vedanta approach and disclosure towards triple bottom line principles – people, planet and profit.

The Report, which is prepared based on Global Reporting Initiative (GRI) G4 – ‘in accordance’- Core guidelines and is mapped to the United Nations Global Compact (UNGC) and will align to Sustainable Development Goals (SDGs).

Report revealed that the Sustainable Development Framework is embedded in the ethos of Vedanta, which adopted Sustainability Framework (VSF) in 2012.

In order to achieve significant diversity in board it has target to achieve 33% female representation at the Board Level by 2020. The Board provides leadership and guides the businesses towards fulfillment of the commitment to various stakeholders.

The Sustainability Committee is laid by Independent Director and supported by business CEO’s, corporate sustainability team. Committee reviews and monitors progress against the framework and objectives.

Report said, “Our focus on sustainable development is reinforced through building strong, engaging and beneficial partnerships with all our stakeholders.”

Katya Zotova, Chairperson, Sustainability Committee said, “The Sustainability Committee is determined in the journey of achieving ‘Zero Harm’. We have progressed over the years and will continue to make ourselves a safer and a better company.”

In his message to stakeholders, Anil Agarwal, Charmain, Vedanta Resource says, “Vedanta is a purpose-driven organisation. Our products power economies of several nations, while our social programmes empower communities, to make a positive impact on human life. At Vedanta, we leverage innovation and technology to harness the elements of natural resources and transform them to fuel progress and development, with a committed goal of Zero Harm, Zero Waste and Zero Discharge.”

He further says, “As Vedanta, we aim to make our contribution to our people and our communities a benchmark for businesses across the globe. We are making our work environment safer. We have in place policies, standards and best practices to ensure the health and safety of Vedanta’s workforce.”

Also says, “A signatory of the United Nations’ Women’s Empowerment Principles (WEP) – ‘Equality Means Business’, Vedanta practices and promotes equal employment opportunities. Our Board has set a target to raise women board representation to 33% by 2020.”

Key highlights                 

  • 591 USD million Contribution towards wages/salaries, pension and other
  • 6 USD billion (approx. Rs 38997 Crore) Contribution in the form of taxes
  • 63 USD million (approx. Rs. 114 Crore) Contribution towards various CSR projects. Benefited around 22 lakh people
  • 49 USD million contribution towards environmental

CSR – Nandghar

It invested almost US$18 million (Rs 116 Crore) towards carrying forward various social initiatives.

It has established 100 Nand Ghar, a mega CSR project and has target of bbuilding 4,000 Nand Ghars across country. The centre ensures quality education and nutrition for the children.

Fly ash

This year, nearly 50% of fly ash from operations was recycled and aim to continue in 2017-18 on ramped up capacity utilization of aluminium and power.

Carbon Forum

Vedanta instituted the Carbon Forum – led by the CEO-Power and comprising business COOs and representatives from HSE and Sustainability. It has revised the Carbon Policy and formulated Carbon Strategy. It established 2012 as the greenhouse gas emission baseline year.

Human Resources

Employees are key to success and sustainability. 18% of employees joined this year were women and focus will be to increase gender diversity in hiring 20% women for FY 2017-18.

Water

  • This year, it achieved 3.93 million m3 water savings against the targeted 3savings of 2.26 million m3
  • Aluminium business at BALCO has reduced it’s specific water consumption from 2.3 to 1.3 last year, saving 0.32 mn cubic meter of water.
  • Oil and Gas business has improved its water recycling ratio from 66 % in FY-16 to 82% in FY-17.
  • CAIRN Oil & Gas business is meeting 82% of its total water requirement through recycled water.

Carbon

It is considering formal GHG reduction target and expected to achieve upto 16% reduction in carbon for the business by 2020 from a 2012 baseline.

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