New Delhi, December 06, 2023: Cairn Oil & Gas, India's largest private oil and gas exploration and production company, part of Vedanta Group, continues its journey to Net Zero with a new Memorandum of Understanding (MoU) signed with the Gujarat Forest Department. The initiative focuses on developing 130 hectares of mangroves by planting 200,000 mangroves in areas near Cairn's operations in Surat, potentially sequestering about 62,000 tonnes of carbon dioxide over a decade.
This carbon offset initiative aligns with Cairn Oil & Gas' Environment, Social, and Governance (ESG) commitment to biodiversity conservation around operational areas, aiming for no net loss of biodiversity. The company aims to achieve this commitment by planting 2 million trees by 2030.
Mangroves, known as impactful natural carbon sinks, sequester nearly ten times more carbon than mature tropical forests, storing three to five times more carbon per equivalent area.
This new initiative builds on the earlier three MoUs Cairn signed with the state governments of Gujarat, Rajasthan, and Andhra Pradesh, aiming to plant 0.75 million trees by 2030. These initiatives have the potential to sequester 500,000 tonnes of carbon dioxide by 2050, equivalent to the emissions from about 4,500 Indian households annually. The collaboration with the Gujarat Forest Department follows the completion of 60 hectares of Mangrove Forest development in the coast of Surat, contributing to positive environmental impact, ecosystem restoration, and enhanced biodiversity.
Speaking about the collaboration, Dr. Steve Moore, Dy. CEO, Cairn Oil & Gas, Vedanta, said, "As India focuses on accelerating decarbonisation and achieving Net Zero goals, we are exploring multiple pathways to contribute to the nation’s aspirations and its energy needs. Nature-based solutions such as mangrove planting are powerful tools to not only sequester carbon emissions but also create lasting value for local economies. Through our MoU with the Gujarat Forest Department, we are further strengthening our carbon offsetting initiatives to achieve Net Zero. Aligned with India’s long-term strategy for emission reduction, the new initiative highlights the spirit of action that underpins our ESG vision of ‘Transforming the Planet.’”
Cairn Oil & Gas has developed 2,830 acres of greenbelt across its operational areas, including 458 acres of mangroves along the coasts of the Bay of Bengal and the Arabian Sea. These climate action initiatives align with the company's ESG purpose of 'Transforming energy responsibly for securing India's energy future' through the pillars: Transforming the Planet, Transforming Communities, and Transforming the Workplace.
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