Hindustan Zinc joins vision of making India ‘Net Zero'; to invest Rs350 crore

31 Mar 2022 , 03:30 PM

In line with Prime Minister Narendra Modi's vision of making India 'Net Zero', Hindustan Zinc has joined the global movement of leading companies that are aligning their business to limit global temperature rise to 1.5°C above preindustrial levels and reach net-zero value chain emissions by no later than 2050. We have set an ambitious target for a 40% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.

Commenting on the development, Mr. Arun Misra, CEO said: "I am elated that we are marching ahead in our ESG roadmap for the development of renewable power supply upto 200 MW Hindustan Zinc stands committed to decarbonizing its operations and transition to production of Green Products of zinc and lead. We remain proactive towards investing in our climate change initiatives & thereby progress on our journey of net zero by 2050."

Towards this goal, the company has approved the proposal for entering a long-term group captive Renewable Power development plan up to a capacity of 200MW.

This project will be built under Group Captive norms and Build Own Operate (BOO) basis under a Special Purpose Vehicle (SPV), in which the Company will own 26% of the equity with contributions upto Rs350 crore. This SPV is expected to start delivering the power within 24 months of the signing of the Power Delivery Agreement (PDA).

It is in line with company's strategic objective of reducing dependence on conventional sources of energy & transitioning from thermal power to Renewable power thereby reducing GHG emissions of our operations. This reaffirms company's proactive approach to sustainability which will go a long way toward maintaining our leadership position in Dow Jones Sustainability Index.

Hindustan Zinc is currently trading at Rs309 down by Rs2.15 or 0.69% from its previous closing of Rs311.15 on the BSE. The scrip touched intraday high and low of Rs314.25 and Rs308.75 respectively.