Diversified miner Vedanta has announced the evolution of its mission statement to strengthen the group’s commitment to environment, social and governance (ESG).
The new mission statement focuses on Vedanta adopting best practices and policies across the ESG space for the greater good.
As part of its ESG commitment, the miner has committed to reduce carbon emissions to zero by 2050 or sooner. It has pledged $5-billion over the next ten years to accelerate the transition to net-zero operations.
As a part of the process, the company has repurposed its mission statement to Vedanta – Transforming for Good – to make a “meaningful difference to the society at large”.
Vedanta director Priya Agarwal says the group is committed to delivering sustainable and responsible growth, relying on the principles of environmental stewardship, social equity and impact, and good corporate governance. “With this new identity, we want to further our commitment towards ESG in everything we do.”
Vedanta’s new positioning is backed by three pillars – transforming communities, transforming the planet and transforming the workplace.
In terms of transforming communities, the new mission statement aims to develop responsible business decisions based around community welfare, empower over 2.5-million families with enhanced skillsets and uplift over 100-million women and children through education, nutrition, healthcare and welfare.
As for transforming the planet, Vedanta’s new mission statement aims to reduce the group’s carbon emission intensity by 25% by 2030, and achieve net-carbon neutrality by 2050.
The new mission statement also aims to look into innovations for a greener business model and achieve net water positivity by 2030.
In terms of transforming the workplace, the new mission statement places the focus on the safety and health of all employees; the promotion of gender parity, diversity and inclusivity; and adherence to global business standards of corporate governance.