Cairn Oil & Gas Releases Third Edition of its Sustainability Report for FY’24
With the reduction of 119,000 tCO2e this year, the company has totalled its carbon emission reduction to 229,000 tCO2e over a four-year period - equivalent to saving over 12 million trees.
December 24, 2024. By News Bureau
Being the first Indian O&G company committing to Net Zero by 2030, Cairn has achieved significant progress in its ESG roadmap. With the reduction of 119,000 tCO2e this year, the company has totalled its carbon emission reduction to 229,000 tCO2e over a four-year period - equivalent to saving over 12 million trees.
Last month, Cairn signed a Memorandum of Understanding (MoU) with United Nations Environment Programme’s (UNEP) flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0, making it the first Oil & Gas producer in India to commit to the effective methane emission management.
Company’s FY’24 Sustainability Report underlines significant achievements made across environmental, social, and governance priorities. The company reported reduction of 60 percent of potential gas flare volume in the last four years to curtail methane emissions.
Cairn, Vedanta’s transformational community programs helped transform 24.9 million lives in FY24, taking its social impact coverage to ~192 million lives over the last four years. Its key digital education initiative, E-kaksha, has provided access to quality education to ~23.5 million students much ahead of the targeted 9 million by 2030.
According to Priya Agarwal Hebbar, Non-Executive Director, Vedanta and Chairperson, Hindustan Zinc Limited, “Sustainability for us means harmonising our economic ambitions with a deep responsibility to society and the environment. I am pleased to see the progress made by our Oil & Gas business and the significant milestones achieved in their journey towards achieving Net Zero by 2030. This progress reflects our unwavering focus on environmental conservation, community engagement, and leading with transparency - ensuring that we can leave behind a legacy of resilience and prosperity for future generations to come.”
While releasing the company’s Sustainability Report, Hitesh Vaid, Chief Financial Officer, Cairn Oil & Gas, said: "As we celebrate 30 Years of Energising India, we are also committed to drive sustainable transformation in India’s energy landscape, over the coming decades. Our commitment to contribute 50% of India's domestic crude production is firmly aligned with our dedication to environmental stewardship and social equity. Our Sustainability Report and ongoing initiatives are a testament to our continued efforts towards ‘Transforming for Good'. Through the years, we have persisted in implementing measures to uphold our position as a leader in creating shared value and fortifying our competitive advantage.”
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