Vedanta joins hand with TERI to protect the environment, to invest ₹200cr on R&D

Vedanta joins hand with TERI to protect the environment
Vedanta has signed an MoU with TERI (The Energy and Resources Institute) to promote “Sustainable Use of Resources for a Resilient Planet through Transformative Actions”. The MoU was signed at the World Sustainable Development Summit (WSDS), where Prime Minister Narendra Modi delivered the inaugural address.

A global natural resources company, Vedanta is committed to the sustainable use of resources. At the same time, TERI, a multi-dimensional Not for profit organization (NPO), aims to create a sustainable world by leveraging both the organizations’ strength in the ESG space.

Vedanta plans to invest around ₹200 Cr over the next 5 to 10 years on R&D and sustainability initiatives to promote and build a sustainable ecosystem. The partners will create a sustainable future by engaging with governments, civil society and peers to encourage a more extensive ecosystem for climate change, resource efficiency, and circularity, harnessing cleaner energy, sustainable supply chains, and people-centric development.

TERI’s DG, Dr Vibha Dhawan, has said, “Businesses can play a paramount role in meeting development goals of the UN Development plan of 2030. Towards fulfilling this ambition, Vedanta and TERI have come together to work in the pursuit of solving pertinent issues that are critical towards achieving a sustainable future.”

Vedanta Group CEO Sunil Duggal said, “At Vedanta, we keep communities, people and planet at the centre of business decisions. We believe the partnership with TERI will create a larger ecosystem to support the global agenda of a sustainable world. This collaboration will help us traverse our ESG commitments on ‘Transforming for good’. TERI has a great track record of developing innovative and sustainable solutions in waste utilization, clean energy, resource efficiency and community welfare, which augurs well with our defined ESG aims. We aspire to work in tandem to achieve our common vision with this partnership.”

With this MoU, Vedanta and TERI will look at opportunities to work on common areas of interest until 2050. The partnership will provide a platform to promote individuals and organizations to adopt sustainable practices by creating Vedanta-TERI ESG awards and building a sustainable supply chain.

Vedanta is planning to be the ESG leader in the natural resources sector and has committed to reducing carbon emissions to zero by 2050 or sooner. The company has pledged $5 billion over the next ten years to accelerate the transition to net-zero operations. As part of the process, the company has repurposed its mission statement to Vedanta – ‘Transforming for Good’, to make a meaningful difference to society.
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