New Delhi, Dec 24, 2024: Cairn Oil & Gas 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 tCO2e over a four-year period - equivalent to saving over 12 million trees, according to the third edition of its Sustainability Report for FY’24 released recently.
Cairn is the 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.
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 community programs have 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 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.”
According to the sustainability report, Cairn has achieved a 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 Hills have been completed. To achieve its decarbonisation goals, the company invested INR 74 crore of CaPEX towards emission reduction initiatives in FY24.
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. 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.
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, over 0.63 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.
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.
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