Vedanta on Thursday said it has signed a pact with TERI to accelerate its Environmental, social, and governance (ESG) goals.
Vedanta plans to invest around Rs 200 crore over the next five to 10 years on R&D and sustainability initiatives to promote and build a sustainable ecosystem.
''Vedanta... on Wednesday signed a Memorandum of Understanding with TERI... to forge a long-term partnership and work in collaboration on creating a sustainable world by leveraging both the organizations' strength in the ESG space,'' Vedanta said in a statement.
With a mission to promote 'Sustainable Use of Resources for a Resilient Planet through Transformative Actions', the memorandum of understanding (MoU) was signed at the World Sustainable Development Summit (WSDS).
The partners will work towards building a sustainable future by engaging with governments, civil society and peers to promote a larger ecosystem for climate change, resource efficiency, and circularity, harnessing cleaner energy, sustainable supply chains, and people-centric development.
Speaking at the MoU signing ceremony, TERI's DG Vibha Dhawan, said, ''Businesses can play a paramount role in meeting development goals of the UN Development agenda of 2030. Towards fulfilling this ambition, Vedanta and TERI have come together to work in the pursuit of solving pertinent issues that are critical towards achieving a sustainable future.''
Vedanta Group CEO Sunil Duggal said, this collaboration will help us traverse our ESG commitments on 'Transforming for good'.
''TERI has a great track record of developing innovative and sustainable solutions in areas of waste utilization, clean energy, resource efficiency and community welfare, which augurs well with our defined ESG aims. We aspire to work in tandem to achieve our common vision with this partnership,'' Duggal said.
(With inputs from PTI)