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Building strategy and setting up a roadmap to help the company achieve its ESG commitments
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Ramkrishna Forgings Limited (RKFL), a manufacturer and supplier of open and closed die forgings, wanted to integrate Environmental, Social and Governance (ESG) components into its business and operations.
Our community of solvers from the ESG team along with RKFL connected with its stakeholder groups to identify relevant issues where it could walk the ESG talk even further. These conversations helped identify the material environmental and societal issues where the forgings manufacturer could play a meaningful role.
As a result of these interactions, RKFL narrowed down on the following three core areas to focus on as its ESG vision in a bid to achieve carbon neutrality by 2050.
Environmental consciousness – by preserving and protecting the environment across its operations
Communities – by aspiring to be the employer and partner of choice for their employees and suppliers respectively and helping local communities thrive
The long-run – by operating ethically and responsibly, with transparency
Among its commitments is the aim to ensure that 50% of its energy use will be from renewable sources by 2028. It also committed to source locally, recycle 100% of its water use by 2025 and decrease 50% of its overall waste through the 3R approach.
The manufacturer aims to incorporate future-ready employee upskilling and well-being programmes in 2023. The client wants to collaborate with its suppliers to ensure they comply with their ESG vision by 2024 through training and workshops. 100% of key suppliers will also be audited on their ESG compliance in the same year.
To ensure that the company met its three-pronged mission, our community of solvers laid out an achievable road map to help it through the process. It helped the company set a sustainable strategy as well as achievable yet ambitious targets to ensure it meets its proposed goal of carbon neutrality. A governance team will be formed to deliver, monitor, and report the company’s ESG performance in accordance with global standards and reporting frameworks as well as SEBI’s circular on Business Responsibility and Sustainability Report mandate.