Welspun Corp. Ltd. (WCL), a leading manufacturer of iron and steel, has come out with its Business Responsibility and Sustainability Report, BRSR, for 2023-24. The report underlines the company’s commitment to sustainable growth, environmental responsibility, and community engagements. The report encompasses updates on all the ESG-related initiatives that WCL has undertaken in line with its long-term objectives of carbon neutrality by 2040 and an increase in the usage of renewable energy at all its operations.
Welspun’s operations have significantly increased in 2023-24 due to the inclusion of Metallics operations, which have brought a substantial increase in both energy consumed and waste generation. The company is still committed to its sustainability goals, despite these expansions. It has installed a 2 MW solar rooftop at its Bhopal plant and invested in an SPV to deliver 42 MW of RE-RTC by 2026. This is part of the bigger strategy to integrate 20% renewable energy into the power mix by 2030.
Coupled with environmental, social responsibility also became an agenda of WCL’s leadership initiatives. The company has continued its concerted effort to maintain occupational health and safety across its plants worldwide. Extensive HSE management systems were put in place across all locations of Anjar, Mandya, and Bhopal. Safety includes training programs for workers, regular inspections, and a safety committee with strict confirmation of the best standards.
Welspun follows transparency and ethical conduct from the governance perspective. The anti-bribery and anti-corruption policies of the company stated on its public platform are duly supported by adherence to various international standards, such as ISO certifications and guidelines on the UN Global Compact. Ethical considerations have also been extended to the supply chain as part of the sustainable development strategy with the introduction of a Supplier Code of Conduct that requires suppliers to adhere to strict ESG parameters.
The report also focuses on community engagement, education development, healthcare, and environmental sustainability. Through its various CSR initiatives on water recycling and waste reduction programs, Welspun has touched the lives of over 830,000 people.
Overview and Conclusion: Welspun Corp’s BRSR, 2023-24, very explicitly outlines the commitment of the company to balance business growth with environmental stewardship and social responsibility. While WCL marches ahead in achieving its objectives on carbon neutrality and renewable energy, it simultaneously stands out as a model in corporate governance and community involvement. This report has formed a significant milestone in the unending march of WCL for sustainable and inclusive development.
Source: BRSR
Credit: Welspun Corp. Ltd.