Reduces 229,000 tonnes of carbon emissions over the last four years – equivalent to saving over 12 million trees; 119,000 tCO2e reduction within FY24
New Delhi – Cairn Oil & Gas, part of Vedanta Group and India’s leading private oil and gas exploration and production company has released the third edition of its Sustainability Report for FY’24. 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 tCO2eover 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% 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 celebrate30 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.”
HIGHLIGHTS OF CAIRN’S SUSTAINABILITY REPORT
Accelerating Environment Resilience
- Achieving Net Zero by 2030: Fast tracking its commitment, Cairn achieves reduction in carbon emissions by ~229,000 tonnes of CO2e per annum in the last four years. Approximately, 1 million (GJ) gigajoules of energy have been conserved in this period, through various projects. The feasibility studies for Carbon Capture, Utilisation, and Storage (CCuS) from the Aishwariya-Aishwariya Barmer Hillshave been completed. To achieve its decarbonisation goals, the company invested INR 74 crore of CaPEX towards emission reduction initiatives in FY24.
- Sustain Net Water Positive Impact: Cairn is a Net Water Positive company with 1.15 Net Positive Water Impact Index. Sustaining >96% of produced water recycling rate, surpassing the global benchmark by International Association of Oil & Gas Producers (IOGP) of 62%, and a water reuse and recycling rate of 82% – meeting the 2025 target of 80%in FY24.
- Planting 2 Million Trees by 2030 and Enhancing Biodiversity: The company also made remarkable progress in its afforestation efforts creating carbon sinks for carbon sequestration and ensured ‘No Net Loss’ of biodiversity through ecosystem conservation. The company signed MoUs for plantation of 1 million trees with the state forest departments of Rajasthan, Gujarat, and Andhra Pradesh as part of the commitment to plant 2 million trees by 2030.
Transforming Lives through Community Engagement
Cairn has impacted more than 24.9 million lives across 550 villages in 14 districts in FY’24, with a CSR spend of INR 14.63 crore. Cairn has a commitment to positively impact the lives of 30 million people by 2030.
- Against the target to positively impact 1 million people by 2030 through sustainable livelihood opportunities,over0.63 million beneficiaries have already been touched through initiatives like Project Barmer Unnati, Maru Sagar and skill development courses at Cairn Enterprise Centre& Cairn Centre of Excellence.
- Cairn delivered on its 2030 target of offering quality digital education by more than 2.5X times,reaching~23.5 million students via E-kaksha and other digital education initiatives, against the planned ~9 million.
- Uplifting 20 million women and children through Education, Nutrition, Healthcare, and Welfare: Cairn provided holistic development focusing on nutrition, healthcare and pre-education to 6.64 people.
Prioritising safety and health of all employees and business partners, the company recorded 77% reduction in Total Recordable Injury Frequency Rate (TRIFR) in the last four years. Cairn also made significant strides in digital transformation, implementing various initiatives like AI-based inventory management, data-driven reservoir management, and real-time optimisation using digital twins and model predictive control in artificial lifts, surface facilities, and power plants.
Cairn’s commitment towards transforming energy responsibly is aligned with its vision of achieving energy security for the nation. The company is committed to drive sustainable growth while protecting the environment and creating a positive impact on the society and the nation at large.
About Cairn Oil & Gas
Cairn Oil & Gas, part of Vedanta Limited, is India’s largest private oil and gas exploration and production company, contributing about a quarter of India’s domestic crude production and driving energy security for the country. With a world-class resource base, Cairn has an interest in 62 blocks in India spread over 60,000 square kilometres with gross 2P (Gross Proved Plus Probable Reserves) and 2C (Gross Contingent Reserves) of 1.4 bn boe. Cairn has producing assets across Rajasthan, Andhra Pradesh, Gujarat, and Assam, and has spearheaded several technological innovations with high-reward prospects, over the last 30 years of its operations. The company has a vision to contribute 50% of domestic production, executing one of the largest exploration projects in India across its diversified portfolio comprising conventional and unconventional projects such as Tight Oil & Gas, Deep & Shallow Water, ASP and CBM, reinstating the faith in the country’s hydrocarbon potential.
Cairn is committed to achieving Net Zero by 2030 by prioritising environmental resilience and is driving transformative social impact at scale. It has become the first Indian company to sign the United Nations Environment Programme’s methane reporting and reduction initiative – OGMP 2.0.
About Vedanta Limited
Vedanta Limited (“Vedanta”), a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Saudi Arabia, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into electronics and display glass manufacturing. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, has pledged Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model anganwadis across India. Vedanta Ltd. ranked 3rd in the S&P Global Corporate Sustainability Assessment 2023,and has been listed in the Dow Jones Sustainability World Index. The company has also been certified as a Great Place to Work 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.
