Gulf Oil Lubricants India Limited has just released its Business Responsibility and Sustainability Report for FY 2023-24. As an integral component of the annual report, it captures the initiatives and practices that the company took toward ESG: environment, social, and governance. This document speaks volumes that GOLIL is among the few that have honestly tried to embed sustainable business practices into its operations, responsive to corporate responsibility at both national and international standards.
GOLIL’s report presents a focus on the company’s approach to the key areas of environmental sustainability, employee welfare, product stewardship, as well as stakeholder engagement. The company’s endeavor goes beyond just satisfying market demands that keep on altering; it makes sure of requisites that are sensitive to both society and the environment.
Regarding environmental sustainability, there are tremendous successes that GOLIL has chalked. The company is in the process of the installation of solar panels within its manufacturing plants so that all rooftop capacities have solar installations by the year 2025. This further cuts down the GHG emissions from Scope 2. Also, it has put in place zero liquid discharge (ZLD) at every plant to guarantee that no liquid effluent is released into the environment. The efforts decrease environmental risks and are also an indicator of GOLIL’s commitment to responsibility in resource management.
The report also identifies the fact that GOLIL knows very well the way to develop its people. The company strongly holds continuous learning and development, which includes wide training for its employees on issues regarding business ethics, safety management, and environmental management. This focus on workforce development is done to enable employees to possess the skills needed to rise to the challenges of an ever-dynamic business environment.
The report also considers the efforts on waste management and product stewardship taken by GOLIL. It has adopted the 3R principle, which covers the aspects of reducing, recycling, and reusing while dealing with the operations, and contacted waste management agencies to match up with the regulations of EPR. This is an important commitment to reducing the environmental footprint both through the company’s products and operations.
GOLIL also cares much about corporate governance. In the report, it elucidates the policies it has on transparency, ethical behavior, and the engagement of the stakeholders. For instance, GOLIL has set up effective and efficient redressal panels for employees to have their grievances solved in good time. If the voices from the employees are about their health or concerns about safety and ethical workplace behavior, they shall, if proven authentic, be addressed. The company applies its code of conduct strictly to everything it does and continues to inculcate that discipline in its employees through training.
Conclusion
2023-24 BRSR gives details on the overall sustainability of Gulf Oil Lubricants and the company’s focus on mainland collaborative ESG principles within the core business plan. The results of such emphasis on environmental sustainability, human capital development, and ethical governance meant that GOLIL not only worked on building better business resilience but also contributed to the larger goal of sustainable development. The company is a true guide—through creating benchmarks for the rest of the industry.
Source: BRSR
Credit: Gulf Oil Lubricants India Limited