Climate Change Data

Vardhman Special Steels Limited

Climate Impact & Sustainability Data (2023-24)

Reporting Period: 2023-24

Environmental Metrics

Total Carbon Emissions:166136 tCO2e (Scope 1 & 2)
Scope 1 Emissions:36774 tCO2e
Scope 2 Emissions:129559 tCO2e
Scope 3 Emissions:Not disclosed
Renewable Energy Share:0%
Total Energy Consumption:987159 GJ
Water Consumption:223192 KL
Waste Generated:45776.95 tons
Carbon Intensity:0.73 tCO2e/MT

ESG Focus Areas

  • Greenhouse Gas (GHG) Emissions
  • Energy Management
  • Water Management
  • Occupational Health and Safety
  • Cyber security

Environmental Achievements

  • Reduced GHG emissions to 0.73 tons of carbon per ton of steel produced.
  • 80% of final product consists of recycled scrap.
  • Commissioning a solar power plant of 55 MW DC.
  • Establishing more Miyawaki Forests.

Social Achievements

  • Health insurance, accident insurance, maternity benefits, paternity benefits provided to employees and workers.
  • Grievance redressal mechanism in place for employees and workers.
  • Regular health and safety training for employees and workers.
  • CSR spending of ₹1.91 Crores on environment, education, women empowerment, and healthcare.

Governance Achievements

  • Vigil Mechanism/Whistle Blower Policy in place.
  • Regular updates on ESG topics to the Board of Directors.
  • Risk Management Committee and Corporate Social Responsibility Committee evaluate sustainability issues.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Meet 40% of electricity consumption by solar energy by March 2025.

Environmental Challenges

  • Transitioning to a carbon-neutral future.
  • Regulatory efforts to reduce GHG emissions.
  • Water scarcity and regulations on effluents.
  • Risks to employees and contractors working in the plants.
  • Cybersecurity risks and increasing regulatory requirements.
Mitigation Strategies
  • Proactively adopting technologies and engaging in continuous dialogue with policymakers.
  • Increasing water efficiency and investing in rainwater harvesting.
  • Implementing all safety compliance requirements and conducting regular audits.
  • Revising IT policy and strategy to align with the Digital Personal Data Protection Act, 2023.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Purchase orders with value chain partners mention requirements of applicable statutory provisions.

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Regulatory changes (e.g., Carbon Border Adjustment Mechanism).
Opportunities
  • Leveraging renewable energy sources and advanced technologies.

Reporting Standards

Frameworks Used: NGRBC, UN Guiding Principles for Business and Human Rights (UNGPs), UN Sustainable Development Goals (SDGs), Paris Agreement on Climate Change, Core Conventions of the International Labour Organization (ILO), Companies Act, 2013

Certifications: ISO 14001:2024, ISO 45001:2024, ISO 9001:2015, ISO/IEC 17025:2023, IATF 16949:2016

Third-party Assurance: Not Applicable

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed