New Delhi, Dec 23 (Agency) Vedanta group flagship company Cairn Oil & Gas has achieved a major milestone in reducing carbon emission in the last four years which is totalling 229,000 tCO2e equivalent to saving over 12 million trees. Releasing the third edition of its Sustainability Report for FY’24, Cairn Oil and Gas said it has become first Indian O&G company committing to Net Zero by 2030.
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, the company said in a statement. Company’s FY’24 Sustainability Report underlines significant achievements made across environmental, social, and governance priorities. The company reported reduction of 60% 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 about 192 million lives over the last four years. Its key digital education initiative, E-kaksha, has provided access to quality education to Rs23.5 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.”