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Business Standard
3 days ago
- Business
- Business Standard
Vedanta Aluminium partners with PwC India for sustainability initiatives
Vedanta Aluminium on Thursday announced the expansion of its partnership with PwC India to scale up sustainability initiatives across its operations in Odisha and Chhattisgarh. Initially centred on biodiversity projects around Vedanta's Jharsuguda smelter, the partnership will now extend across all its operational regions and will also focus on decarbonisation, water positivity, and biodiversity conservation, marking a major step in integrating sustainability throughout the company's value chain, the company said in a statement. "This collaboration with PwC exemplifies our unwavering dedication to driving sustainable growth and championing environmental stewardship. Anchored in robust ESG principles, we are actively working towards carbon neutrality by 2050 and supporting India's net zero vision for 2070," Vedanta Aluminium Chief Executive Officer Rajiv Kumar said. Kumar further noted that "by addressing critical ecological challenges, improving operational efficiencies, and placing communities at the heart of our efforts, we aim to transform the global aluminium industry. Together, we are forging a path to a more sustainable planet and redefining what responsible business truly means. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
3 days ago
- Business
- Economic Times
Future-proofing the business: How Indian firms are leveraging ESG for growth
Rajiv Kumar, Vice Chairman, DS Group India is at an interesting inflection point considering it is the world's fourth-largest economy with the most number of young people. This unprecedented combination, both highly climate-exposed and the site of one of the world's most vibrant consumer markets, gives its national sustainability quest unmatched strategic significance and conceptual intensity. India's focus on environmental, social and governance (ESG) has evolved significantly over the years, from being aspirational to institutionalising it. In 2021, the Securities and Exchange Board of India (SEBI) mandated extensive ESG disclosures for the top 1,000 listed companies through its Business Responsibility and Sustainability Report (BRSR) framework. This significant regulation fundamentally changed the approach, transitioning from merely promoting transparency to formally integrating sustainability into corporate accountability. The country's banking sector, as well, is seeing a deep rethink. The Reserve Bank of India's release of Green Deposit Guidelines represents an unmistakable push toward climate-responsible lending strategies. Banks are now increasingly being charged with integrating exacting environmental risk analysis into their overall sustainability move forward in coordinated development very core credit decision-making protocols—a subtle yet powerful restructuring of capital deployment methods. At a policy level, the Ministry of Corporate Affairs issued the National Guidelines on Responsible Business Conduct (NGRBC) in 2018, providing a comprehensive framework for businesses to adopt responsible and sustainable practices aligned with ESG principles and the United Nations Sustainable Development Goals (SDGs). This strategic alignment gives unity to what were formerly separate endeavors, ensuring that social responsibility and overall sustainability move forward in coordinated development. This comprehensive regulatory makeover is already prominently transforming company conduct. Statistics show that by mid-2024, more than 1,170 Indian businesses had filed their BRSRs—a record of swift compliance in just twelve months. In addition, about 20 Indian businesses have been recognized in the globally recognized Dow Jones Sustainability Index, highlighting that achieving international sustainability standards is not just within sight but is even rapidly becoming the default expectation in Indian business circles. Big businesses are no longer side lining sustainability as a third-order function. The deliberate hiring of Chief Sustainability Officers, the explicit connection of executive remuneration to the success of ESG objectives, and the spontaneous inclusion of circular economy paradigms into fundamental strategic considerations are unmistakable signs that this era marks a deep divergence from the outdated conventions of 'business as usual.'As the shadow of climate risk comes to dominate and societal scrutiny hones in on its target, businesses with truly credible ESG plans are self-consciously positioning themselves to dominate markets that increasingly become excruciatingly discerning. Consumers, investors, and collaborative stakeholders alike expect higher levels of transparency, provable accountability, and quantifiable impact, and they actively reward those organizations that reliably meet those products and services based on real sustainable principles are systematically outperforming their traditional equivalents, building stronger consumer loyalty and immensely enhancing brand value. In a world with an oversupply of choices, the environmental and social integrity of a company is becoming a determining differentiator, especially among digitally-native and more ethically-conscious consumer bases. Capital flows are unmistakably following suit. ESG funds are growing exponentially, with assets under management worldwide expected to more than double to over an eye-watering $50 trillion by 2025, Bloomberg Intelligence businesses that profoundly integrate ESG thinking into their operational DNA are better able to navigate disruptive forces, whether arising from climate-related supply chain disruption, reputational risk, or sudden regulatory changes. Sustainability, as such, is not simply about altruism; it is really about building businesses that can not only survive but thrive in a world characterized by inherent and increasing volatility. A landmark 2022 McKinsey & Company report showed that firms with high ESG scores enjoy a reduced cost of capital and are more likely to have high performance in terms of long-term value creation. In parallel, a Morningstar review showed that worldwide ESG fund inflows exceeded $67 billion in 2023. On the essential supply chain side, Carbon Disclosure Project revealed that climatic disruptions in suppliers alone cost businesses worldwide a collective $120 billion in 2022, a stark reflection of why meaningful ESG integration is now an absolute necessity for business workforce, especially Gen Z and millennials, prioritizes values like sustainability. A 2023 LinkedIn study found 64% wouldn't work for an employer misaligned with their values. For businesses, ESG is now key to attracting and retaining top talent. India reflects this global trend. Domestic ESG mutual funds exceeding Rs 10,000 crore AUM signal growing investor confidence. Indian companies are leveraging ESG beyond compliance to access global capital, enter new markets, and build reports, companies need action. This means asking critical questions: What ESG risks truly matter? What's material, what's noise? Leading companies align with global standards (GRI, SASB, TCFD, IFRS) to build focused, measurable, and accountable strategies. It's about future-proofing the business. Stakeholders demand evidence, not just narratives. India's progress is commendable, with established frameworks and increasing disclosures driving serious boardroom discussions. Companies worldwide are re-engineering operations and understand that growth at the cost of the planet is not ethical. The author is Vice Chairman, DS Group.
Time of India
4 days ago
- Business
- Time of India
Vedanta Aluminium joins hands with PwC India to advance sustainability initiatives in Odisha and Chhattisgarh, ET Manufacturing
On World Environment Day, Vedanta Aluminium announced the expansion of its partnership with PwC India to scale up sustainability measures across its operations in Odisha and Chhattisgarh. The collaboration will now cover decarbonisation, water positivity, and biodiversity conservation, and aligns with the company's goals of achieving Net Zero carbon emissions by 2050 and Net Water Positivity by 2030. Initially focused on biodiversity projects around the company's Jharsuguda smelter, the initiative will now extend across all operational regions. PwC India will support Vedanta Aluminium in designing and implementing actions that align with global standards and national environmental goals. Advt Rajiv Kumar, CEO, Vedanta Aluminium, stated, 'At Vedanta Aluminium, our 'Transforming for Good' philosophy is the cornerstone of our commitment to sustainability, inclusivity, and meaningful community impact. This collaboration with PwC exemplifies our unwavering dedication to driving sustainable growth and championing environmental stewardship.'Under the agreement, PwC India will help execute a series of initiatives, including: A comprehensive decarbonisation roadmap aligned with Aluminium Stewardship Initiative (ASI) targets to support green aluminium production Measures to reduce water consumption and achieve water positivity by 2030 Development of Biodiversity Management Plans focused on achieving No Net Loss by removing invasive species and restoring native flora Evaluation of the potential to adopt Science-Based Targets initiative (SBTi) to align with the Paris Agreement By , ETManufacturing Sandeep Kumar Mohanty, Partner - Climate & Energy at PwC India, said, 'We are excited to partner with Vedanta Aluminium on this inspiring journey to embed sustainability across its operations. Together, we are committed to making a real difference in the lives of people and the environment.'The initiative supports progress towards the United Nations Sustainable Development Goals (SDGs), including Goal 6 (Clean Water and Sanitation), Goal 13 (Climate Action), and Goal 15 (Life on Land).
Time of India
30-05-2025
- Politics
- Time of India
Water tank built under Jal Jeevan Mission collapses in Sitapur village
Lucknow: A newly constructed water tank collapsed in Sitapur's Chunkaw Behema village on Thursday. No casualties have been reported so far. The 3,500-litre zincalume tank was built at the cost of Rs 5.31 crore and commissioned in Jan 2024. It was constructed as part of Har Ghar Jal Yojana, a flagship scheme under the Jal Jeevan Mission to provide tap water to rural India. Meanwhile, additional chief secretary Anurag Srivastav, who is also the mission's director, ordered a technical audit of all Har Ghar Jal tanks in Sitapur. This was the second tank collapse in Sitapur and the fifth in Uttar Pradesh . Taking cognisance, the state water and sanitation mission (SWSM) took action against 12 employees—from junior engineers to assistant engineers of the Rural Water Corporation and the Mission itself—who were either suspended or dismissed. The construction agency, NCC Limited, was blacklisted, as was the third-party inspection firm that had greenlit the project. A 5% liquidated damages penalty was slapped on NCC. Spokesperson of the SWSM said, "Action has been taken by the department against officials, issued blacklisting notices to NCC and the inspection agency, and ordered a probe." The executive engineer Rajiv Kumar has been served chargesheet and departmental inquiry has been initiated against him, assistant engineer Sanjeet Yadav, and junior engineer Saurab Singh Yadav have been suspended, while the district's third-party inspection head was sacked on the spot. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Que tal voar para Madrid? Azul Clique aqui Undo The mission has formed a high-level committee—comprising a chief engineer from the rural water corporation, another from the mission, and a superintendent engineer—tasked with delivering a report within three days. Under the Jal Jeevan Mission, more than 16,000 tanks have been tested in the state so far. "Out of these, only five reported damage, and immediate action was taken against those responsible in the case of tank damage," said an official.
Time of India
30-05-2025
- Politics
- Time of India
Water tank built at cost of Rs 5.31 crore under Jal Jeevan Mission collapses in UP's Sitapur village
LUCKNOW: In Sitapur district, where eight villages lean on a single water tank to slake the thirst of over 5,000 souls, hope crumbled like brittle clay on Thursday. The 3,500-litre zincalume tank in Chunkaw Behema, a lifeline built under the ambitious Har Ghar Jal Yojana. This wasn't just a structural failure—it was the second tank collapse in Sitapur and the fifth in Uttar Pradesh, exposing cracks in the state's quest to deliver clean water to every home. The tank was built at the cost of Rs 5.31 crore and commissioned in January 2024. Its 18 km long pipe snaked through dusty lanes, feeding 845 households across Chunkaw Behema and seven neighbouring villages. 'The tank folded like a deck of cards,' said Shatrohan Lal, the guard of the water tank facility. Har Ghar Jal Yojana is a flagship scheme under the Jal Jeevan Mission to provide tap water to rural India. The mission has tested 16,000 tanks, but five failures—two in Sitapur, one in Lakhimpur Kheri this April, and two others elsewhere—have cast a long shadow. The State Water and Sanitation Mission (SWSM), stung by the fiasco took action, and 12 employees—from junior engineers to assistant engineers of the Rural Water Corporation and the Mission itself—were either suspended or dismissed. The construction agency, NCC Limited, was blacklisted, as was the third-party inspection firm that had greenlit the project. A 5% liquidated damages penalty was slapped on NCC, a financial sting to match the public outrage. Spokesperson of the SWSM said, 'The zincalume tank under the Chunka Behma in Sitapur's Vikas Khand Pehla collapsed on Thursday. Action has been taken by the department against officials, issued blacklisting notices to NCC and the inspection agency, and ordered a probe.' The executive engineer Rajiv Kumar has been served chargesheet and departmental inquiry has been initiated against him, assistant engineer Sanjeet Yadav, and junior engineer Saurab Singh Yadav have been suspended, while the district's third-party inspection head was sacked on the spot. To dig deeper, the Mission formed a high-level committee—comprising a Chief Engineer from the Rural Water Corporation, another from the Mission, and a Superintending Engineer—tasked with delivering a report within three days. Meanwhile, Additional Chief Secretary Anurag Srivastav, the Mission's director, ordered a technical audit of all Har Ghar Jal tanks in Sitapur, a move to prevent further disasters in a district already reeling from last year's collapse.
