Embedding ESG into Operations
In a world where climate change and socio-economic challenges have increased, advancing Environment, Social and Governance (ESG) has become a business imperative. To this effect, we have made ESG an important part of our corporate strategy alongside setting goals and defining a robust governance framework to make positive at scale.
Sustainability framework
Our sustainability framework guides our actions to address the material risks and opportunities that may impact our customers, investors, employees, value chain partners, and the communities in which we operate and serves as the foundation for our approach to sustainability. We have adopted a top-down approach to imbibing the values of sustainability across our operations. We keep evolving this approach and adopting best practices to create viable options and meet the increased demand for sustainable solutions.
FY 2023 saw us take a pledge to become ESG leaders within the manufacturing sector – a bold ambition, powered by a clear purpose. This belief is the very foundation of our ESG purpose, and the driving force behind our sustainability initiatives and investments. We have set ambitious targets and laid a robust decarbonization roadmap for mainstreaming ESG into our operations. Further, we have formed an ESG committee with Executive-cum-Deputy Managing Director at the helm to ensure appropriate oversight and guidance.
ENVIRONMENTAL
We strive to nurture our people, business partners and communities by empowering them to shape the future.
SOCIAL
We strive to protect the environment by improving efficiency and reducing emissions.
GOVERNANCE
We strive to build an organization which stakeholders can trust by ensuring good governance and ethics.
11 of 17 SDGs favourably impacted through our roadmap
7 Objectives and 25 Measures* : Aligned with UN SDGs
- 80% of electrical energy to be renewable by 2030
- 60% reduction in energy intensity by 2030
- 40% absolute reduction in freshwater consumption by 2030
- 60% recycled water use by 2030
- Water positive by 2030
- Zero waste to landfill by 2030
- 50% lesser Scope 1 & 2 emissions by 2030
- 30% lesser Scope 3 emissions by 2030
- 50% waste intensity by 2030
- 50% secondary raw material by 2030
- Carbon neutral in operations by 2040
Alignment with SDGs
- >75% in employee engagement by 2030
- 75% reduction in lost time incidence frequency rate by 2030
- 20% women in managerial & leadership positions
- Ensuring ESG practices at suppliers by 2030
- 50% RE use by top suppliers by 2030
- PCF for mainstream products by 2030
- 30% lesser CO2 in/unit by 2030
- Plant 1 million trees by 2030
- 100 green villages by 2030
- Contribute to education & skill development
Alignment with SDGs
- Robust compliance management system and 100% compliance
- Ensure effective data privacy management
- Deployment of business ethics policies
- 100% of employees trained on business ethics policy
Alignment with SDGs
*2019 is considered as baseline year
Village development through women empowerment
ENVIRONMENTAL
- Progress towards low carbon economy by enhancing the share of renewable energy, conversion to cleaner fuels and by achieving energy efficiency in operations
- Estimated the GHG emissions from operations and identified actions to reduce them
- Improving the resource efficiency by focusing on reduce, recycle and reuse principle. Increased the use of secondary raw material in the process
- Reducing waste generation, disposing them off effectively and moving towards the aim of zero waste to landfill
- Established a robust water management system to measure and monitor the water consumption. This would help in reducing the freshwater consumption, increasing the use of recycled water and achieve water positivity in the coming years
SOCIAL
- Deployment of best practices towards employee health and safety to reduce workplace incidents
- Train employees on emerging technologies and enable them to understand advanced engineering concepts
- Established a strong connect with the suppliers on their commitment towards our supplier code of conduct and supplier self-assessments on sustainability
- Sustained engagement with customers through digital platforms and team visits to deliver on new product development needs
- Undertaking holistic development in 100 villages covering areas of water availability, livelihood opportunities, enhancing healthcare, promoting education and creating infrastructure. These villages are to be assessed and certified as ‘Green Villages’ by an external agency
- Undertaken programs on education and skill development for youth, women, and farmers to empower them
GOVERNANCE (including economic)
- Conformance to ethical practices and regulatory requirements with no instances of non-compliance. Maintained our track record of a trusted organization
- Ensured high standards of governance and accountability; initiated BRSR reporting along with the sustainability reports and integrated annual reports
- Driving innovation and technology for good - light weighing of automobiles to make them fuel efficient, developing E-mobility solutions for cleaner transport and Industry 4.0 led innovative technologies to increase plant productivity
- Implementation of robust cybersecurity practices to ensure protection of customer data and our assets
- Ensuring job creation and economic growth in our operational regions
*Bronze Medal
