The company recently signed a Memorandum of Understanding with United Nations Environment Programme’s flagship methane reporting and mitigation initiative
Cairn Oil & Gas, part of Vedanta Group, on Monday said that it has managed to achieve a reduction of 229,000 tonnes of carbon dioxide (CO2) emissions in the last four years, equivalent to saving over 12 million trees. In the financial year 2024, it achieved a reduction of 119,000 tonnes of CO2 emissions, said the firm in a statement.
Earlier in November, the company 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 and gas producer in India to commit to an effective reduction in methane emissions.
Commenting on the progress made in reducing carbon emissions, Priya Agarwal Hebbar, Non-executive Director at Vedanta and Chairperson at Hindustan Zinc Limited, noted that this marks a significant milestone in the firm’s journey of achieving its net-zero ambitions. Vedanta’s oil and gas business aims to achieve net-zero carbon emissions by 2030.
According to the firm’s latest sustainability report for FY24, a reduction of 60 per cent in potential gas flare volume has been achieved in the last four years to curtail methane emissions. The report also stated that the firm’s community programs have helped transform the lives of 24.9 million people in FY24, expanding its social impact coverage to include 192 million people over the last four years.
While releasing the sustainability report, Hitesh Vaid, Chief Financial Officer, Cairn Oil & Gas, reiterated the company’s commitment 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,” he added.
The report also said that the company has become net-water positive with a Net Positive Water Impact (NPWI) of 1.15. The firm’s water reuse and recycling rate of 82 per cent in FY24 exceeded its 2025 target of 80 per cent, added the report.
The company also said that it made progress in afforestation, creating carbon sinks for carbon sequestration, and ensured that there was ‘no net loss’ of biodiversity through ecosystem conservation.
Cairn Oil & Gas also signed MoUs for planting a total of 1 million trees with the state forest departments of Rajasthan, Gujarat and Andhra Pradesh, as part of its larger commitment to plant 2 million trees by 2030.