Mr Kulmeet Bawa
August 29, 2022
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November 14, 2022
We hear the word sustainability more often than anything in current times. Sustainability goals and being a responsible business have become non-negotiable in today’s world. What exactly does it mean to be “sustainable” in running a business? Well, it simply means doing business without negatively impacting the environment, community, or society as a whole. The goal of a sustainable business strategy is to make a positive impact on the environment and society.
As one of India’s leading stainless steel manufacturers, we strongly believe that sustainability goes beyond conservation. Our philosophy has always been to incorporate the best Environmental, Social, and Governance (ESG) standards to ensure we take a sustainable path of growth. Consequently, ESG considerations are embedded into our business strategy which focuses on building positive environmental and social performance of the group while maintaining steady financial growth. This determination gave birth to Project Samanvay. We have initiated the project along with Ernst & Young (EY) LLP as our partner to achieve our broad ESG goals, forecast our Green House Gas (GHG) emissions, and establish carbon neutrality targets in line with the Science Based Target initiative (SBTi).
What is Project Samanvay?
Samanvay simply means establishing a coordinated effort to achieve a common goal. Jindal Stainless is trying to initiate some focused initiatives under Project Samnvay to meet our broad ESG goals. These include:
Deploying energyefficient measures
Adopting and investing in circular economy principles
Investing in low-carbon emission technologies for production
Air emission compliance
As part of our CSR initiatives, we have spent INR 13.04 crores on promoting education and enhancing vocational skills, healthcare, entrepreneurship development, sports, gender equality, and women empowerment. There are continuous efforts for rural development, environmental sustainability, and restoring ecological balance, including humanitarian relief work being undertaken by our CSR teams. We are currently developing a 9.84 hectares public park in Hisar. We have collaborated with CURE International India Trust (CIIT) on a project for eliminating clubfoot among children of Odisha.
We have launched a project titled “Hisar Heroes” in partnership with Green Dream Foundation (GDF) with the objective of welfare and capacity building of informal waste pickers, as well as IEC (Information, Education, and Communication) activities to sensitise the citizens on waste segregation and sustainable waste management in Hisar. A community library has been set up at Hudisahi, Trijanga Rehabilitation colony for the residents. The library has 2071 books and subscribes to major daily newspapers and magazines. Our solar water pump (drinking water) project in Manatira Mundasahi and Old Manatira villages of Jajpur is providing clean drinking water to approximately 80 households.
A solar irrigation project in Bengapatia, Asanabahali, and Manoharpur villages of Jajpur is benefitting 40 farmers and irrigating 40 acres of agricultural land.
• Labeling of our products is done as per the requirements stipulated under various standards such as ASTM/ASME/EN/BIS.
• We are undertaking regular customer satisfaction surveys to invite customer feedback and improve their experience.
• We have placed proper Board-processes and compliance mechanisms in place.
• We ensure that proper post-meeting followups, reviews, and reporting processes are in place for actions taken on Board and Committee decisions. Important decisions made at Board/ Committee meetings are communicated to the relevant departments/divisions as soon as possible.
• Our management systems, organisational structures, management discussions and analysis, processes, standards, and code of conduct all work together to form robust internal control systems that govern how we conduct business and manage all associated risks.
• We have an established system to inform Board members about risk assessment and mitigation procedures. Periodic reviews are carried out to ensure that risk is addressed by executive management using a well-defined framework.
• There is a significantly lower emission of pollutants in the production of stainless steel compared to carbon steel. We reduced our carbon emissions by 3,100 MT in FY21-22.
As pioneers of the Indian stainless steel industry, we are at the forefront to align with and adopt operational excellence through optimum sustainable practices across our manufacturing mechanisms. Inspired by our roots, we firmly believe that efficient and immediate efforts towards sustainability, social upliftment, good governance, decarbonisation, waste management, and digital prowess are inevitable to build long-term value for all our stakeholders and achieve a circular economy. Project Samanvay cements our commitment to make prudent use of natural resources, reduce our carbon footprint, and build a sustainable society.
Mr Abhyuday Jindal
During FY2021-22, we reduced our carbon emissions by 3,100 metric tonnes and initiated a switch from a thermal energyintensive manufacturing setup to renewable energy alternatives such as solar & wind power, green hydrogen, adding electric vehicle fleets, upgrading to energy-efficient equipment, and usage of bio-fuels as part of our decarbonisation initiatives. With the ongoing efforts in this direction, we aim to catapult our carbon abatement numbers to over 1 lakh metric tonnes.
Mr Jagmohan Sood