ESG Is Core To Inclusive Society
Havells India, a prominent player in the fast-moving electrical goods (FMEG) sector and a significant manufacturer of power distribution equipment, maintained its global influence over the past year. With a steadfast commitment to Environment, Social, and Governance (ESG) principles, the company aims to foster an inclusive society marked by strength and resilience. At the core of Havells' operational philosophy lies a deep-seated emphasis on social and environmental responsibility, a principle that has guided them consistently.
The journey towards ESG excellence at Havells is well-documented, with the recent release of the 2nd Business Responsibility and Sustainability Reporting (BRSR) for FY2022-23. This milestone builds upon a decade-long commitment to structured measures, marked by the publication of their inaugural sustainability report in 2012-13.
FY23 stands out as a landmark year in Havells' pursuit of sustainable value creation, showcasing a remarkable 61 per cent reduction in greenhouse gases (GHG) and energy intensity from the base year FY2012-13.
Making significant strides in their renewable energy initiatives, Havells generated 9,470 megawatt-hours (MWh) of renewable energy in FY23, constituting 8.1 per cent of the total grid electricity supply. This translates into a saving of 2,139 MWh of energy during the year.
Looking ahead, the installation of a new solar panel with a capacity of approximately 9 megawatts (MW) at their Tumkur and Sri City locations, along with the existing Alwar plant, is underway. By the end of FY24, Havells aims to derive 40 per cent of its electricity supply from solar sources, contributing to a total installed capacity of 19 MW.
ESG 2.0 Framework
The company unveiled the Havells ESG 2.0 framework, a strategic launch pad for the next Decade of Action (2030). Core focus areas include achieving emission reduction targets, zero waste to landfill, food waste to biogas generation, capacity enhancement of solar-based renewable energy generation, reduction in energy intensity and promoting gender diversity.
Havells has also embarked on a mission to achieve zero-waste-to-landfill certification by the end of FY24, contributing significantly to the reduction of GHG emissions associated with waste management. The company's commitment to environmental stewardship is further demonstrated through a partnership with Madhya Pradesh Rajya Van Vikas Nigam (MPRVVN) for tree plantation in Madhya Pradesh. The plantation, spanning 690 hectares, has been conducted between 2018 and 2022, showing a survival rate exceeding 90 per cent. The total CO2 sequestered in the existing plantation is 1,092 tonnes, with projections of sequestering an impressive 4,30,700 tonnes of CO2 after the final harvest in 60 years.
As Havells continues its journey towards sustainability, it is actively engaged in the process of finalising net-zero targets in accordance with the Science Based Targets initiative (SBTi). These targets, expected to be concluded by February 2024, will mark a significant step towards a comprehensive net-zero journey, affirming Havells' commitment to environmental and social responsibility in the years ahead.
