Vedanta to spend $5 bln on decarbonization; to be net neutral by 2050
Vedanta Ltd is planning to spend $5 billion over the next decade as it looks to cut its carbon emissions by a fourth by 2030. The natural resources major eventually aims to be net neutral on carbon emissions by 2050.
It will have 2.5 GW of renewable energy round-the-clock by 2030, of which 838 MW is currently under construction. The company is also targeting decarbonizing its complete light motor vehicle fleet by 2030, and three-fourth of its mining fleet by 2035, it shared in its annual report for 2023-24 (Apr-Mar).
Last year, the company has invested $210 million on decarbonisation, and 7% of its light motor vehicle fleet was decarbonized. The company aims to achieve 50% decarbonization by the end of the current fiscal.
“We further continue to take measures like promoting operational efficiency, changing fuel mix and exploring the potential for green product development,” it said.
India’s target for being net neutral on carbon emissions is 2070.
Vedanta is also targeting being net water positive by 2030. Five of the company’s businesses are currently water-positive, and it has saved 4.5 million cubic meter of freshwater in four years through recycling and optimising its consumption.
The company has categorised its decarbonisation journey into four phases, and is currently in the first two phases, where it has made a significant progress on increasing the share of renewable energy, switching to low-carbon or zero-carbon fuels and making its operations more energy efficient.
It has also linked remuneration
