The Business Bytes
New Delhi, June 05, 2024 (TBB Bureau): On the occasion of World Environment Day, Vedanta Aluminium, India’s largest producer of aluminium, has signed a Memorandum of Understanding (MoU) with IORA Ecological Solutions, a leading environmental advisory firm in India. This partnership will see Vedanta Aluminium collaborate with IORA to implement nature-based solutions (NBS) aimed at conserving biodiversity and natural resources near its operations, while achieving climate resilience at the landscape level. This involves managing natural resources such as water, soil, flora, and fauna over a large area.
Founded in 2009, IORA provides technical expertise in natural resource conservation, carbon forestry, and climate change mitigation and adaptation. Under this partnership, IORA will support Vedanta Aluminium in developing and implementing projects focused on managing local biodiversity and ecosystems at the landscape level. This includes identifying, designing, and managing technology-led climate mitigation projects aligned with global sustainability efforts and the United Nations’ Sustainable Development Goals. Vedanta Aluminium will also implement nature-based climate offset and biodiversity management projects in collaboration with neighbouring communities and other stakeholders.
These initiatives will be implemented near the company’s operations in Odisha and Chhattisgarh, enhancing on-ground engagement with local communities and other stakeholders through organized forums. The initiatives aim to raise awareness, build capacity, and implement grassroots biodiversity and nature conservation practices. Collectively, these actions aim to integrate viable nature-positive actions into every aspect of Vedanta Aluminium’s operations.
Commenting on the partnership, Vedanta Aluminium CEO John Slaven said, “At Vedanta Aluminium, we are integrating sustainability into every aspect of our decision-making process, measuring success by the degree of positive socio-economic changes and environmental stewardship we achieve through our operations. As part of this effort, we are also focusing on enhancing resource efficiencies, circular economy practices, and inclusive community partnerships for a sustainable future, and are committed to reaching Net Zero emissions by 2050 or sooner.”
Adding his views, IORA Ecological Solutions CEO Swapan Mehra said, “We are pleased to collaborate with Vedanta Aluminium towards deploying comprehensive environmental and ecological solutions in the vicinity of its operations. As an industry leader, Vedanta’s efforts in this regard will surely inspire its peers in the global business landscape to shore up their own plans as well, spurring a transformative impact across the entire industry.”
Vedanta Aluminium’s operations include the world’s largest aluminium plant in Jharsuguda and a world-class alumina refinery in Lanjigarh, Odisha, in addition to mining operations within the state. It also includes BALCO, India’s iconic aluminium producer based in Korba, Chhattisgarh. On the occasion of World Environment Day, the company undertook multiple knowledge-building and engagement efforts among its teams and communities. These included expert-led sessions and documentary screenings on topics such as the impact of desertification, drought resilience, and aligning business-biodiversity needs.
Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium, i.e., 2.37 million tonnes in FY24. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 1st in the S&P Global Corporate Sustainability Assessment 2023 world rankings for the aluminium industry, reflecting its sustainable development practices. With its world-class aluminium smelters, alumina refinery, and power plants in India, the company aims to spur emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.
