Cairn's mangrove initiative, aiming for net zero, unleashes the power of nature in carbon sequestration and biodiversity preservation
Cairn Oil & Gas, a leading private oil and gas exploration company within the Vedanta Group, has recently announced a strategic carbon offset initiative to support its journey towards achieving Net Zero. The company has signed a Memorandum of Understanding (MoU) with the Gujarat Forest Department to develop 130 hectares of mangroves, planting approximately 200,000 trees in the vicinity of its operations in Surat.
This initiative has the potential to sequester about 62,000 tonnes of carbon dioxide over a decade. It is a part of Cairn Oil & Gas' Environment, Social, and Governance (ESG) commitment to protect and preserve biodiversity around its operational areas.
Cairn is committed to planting 2 million trees by 2030 to achieve this impact. Mangroves are renowned as the most effective natural carbon sinks. Studies show they sequester nearly ten times more carbon than mature tropical forests, storing three to five times more carbon per equivalent area.
This partnership marks Cairn Oil & Gas' fourth MoU signing, following earlier agreements with the state governments of Gujarat, Rajasthan, and Andhra Pradesh for mass plantation of 0.75 million trees to accelerate decarbonisation. This effort has the potential to sequester 500,000 tonnes of carbon dioxide by 2050.
The company has completed the development of 60 hectares of Mangrove Forest on the coast of Surat as part of a previous MoU with the Gujarat Forest Department. The mangrove planting initiative positively impacts the environment, restores local ecosystems, and enhances biodiversity, providing habitats for diverse flora and fauna.
Vedanta asserts that in alignment with India's pursuit of accelerating decarbonisation and achieving Net Zero goals, it explores various pathways, including nature-based solutions like mangrove planting, which can sequester carbon emissions and create lasting value for local economies. The company plans to strengthen its carbon offsetting initiatives through its MoU with the Gujarat Forest Department.