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Top 10 Companies for CSR in Environment Conservation in 2023

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Top 10 Companies for CSR in Environment Conservation
 
Corporate social responsibility (CSR) is a concept that encourages businesses to contribute to the social, economic, and environmental well-being of their stakeholders and the society at large. In India, CSR has been mandated by law since 2013, requiring certain companies to spend at least 2% of their average net profits on CSR activities. Over the years, many companies have embraced CSR as a strategic opportunity to create positive impact, align with the Sustainable Development Goals (SDGs), and enhance their reputation and brand value.
In this article, we will look at the top 10 companies for CSR in environment conservation in 2023 in India, based on their CSR spending, initiatives, and outcomes. These companies have demonstrated their commitment to environmental sustainability by investing in projects such as renewable energy, water conservation, waste management, biodiversity protection, climate action, and green innovation.

1. Vedanta

Vedanta Group is a global diversified natural resources company that operates in India and other countries. The company has aligned its CSR strategy with the environmental sustainability goals and has committed to reducing carbon emissions to zero by 2050 or sooner. Vedanta has pledged $5 billion over the next 10 years to accelerate the transition to net-zero operations.
Vedanta has invested in various projects to conserve and restore the environment, such as renewable energy, water conservation, waste management, biodiversity protection, climate action, and green innovation. In FY 2023, the company spent 454 crore on various community programmes benefiting 44 million people. Vedanta has also partnered with the World Economic Forum by joining 1t.org – the one Trillion Tree platform, and pledged to grow 7 million trees for creating a resilient environment.
Vedanta’s CSR initiatives are governed by a CSR Council comprising CSR Heads and executives from all business units, which is responsible for governance, synergy and cross-learning across Vedanta. The company has established Social Performance Steering Committees at all its sites to ensure that site management has comprehensive visibility to all community expectations and concerns and respond in a coordinated manner that helps build community trust. Vedanta also follows the Voluntary Principles on Security and Human Rights, which are recognised as global best practices for managing private and public security forces.
Some of the CSR initiatives aimed at environment conservation by Vedanta Group are:

Renewable energy

Vedanta has installed solar power plants at its sites, such as the 100 MW solar plant at TSPL in Punjab, the 75 MW solar plant at BALCO in Chhattisgarh, and the 5 MW solar plant at Lanjigarh in Odisha. The company also supports rural electrification through solar microgrids and solar lanterns.

Water conservation

Vedanta has implemented various measures to reduce water consumption, recycle water, and recharge groundwater, such as rainwater harvesting, zero liquid discharge, drip irrigation, and watershed development. The company also provides safe drinking water to the communities through RO plants, water ATMs, and water tankers.

Waste management

Vedanta has adopted the principle of reduce, reuse, and recycle for managing its solid and hazardous waste, such as fly ash, red mud, slag, and tailings. The company also promotes waste segregation, composting, and plastic recycling among the communities.

Biodiversity protection

Vedanta has undertaken various initiatives to protect and restore the biodiversity in and around its operations, such as afforestation, wildlife conservation, eco-restoration, and bio-fencing. The company has also supported the conservation of endangered species, such as the Olive Ridley turtles, the Indian bustard, and the snow leopard.

Climate action

Vedanta has committed to reducing its carbon emissions to zero by 2050 or sooner, and has pledged $5 billion over the next 10 years to accelerate the transition to net-zero operations. The company has also joined the 1t.org platform by the World Economic Forum and pledged to grow 7 million trees for creating a resilient environment.

Green innovation

Vedanta has fostered a culture of innovation and research to develop green technologies and solutions, such as carbon capture and utilization, bio-leaching, and bio-mining. The company also supports green start-ups and entrepreneurs through its incubation centre, Vedanta Spark.

2. Ambuja Cement