STL announced that it has significantly improved ESG metrics being tracked by global investment research firm Morgan Stanley Capital International (MSCI). STL received a rating of ‘A’ in the assessment by MSCI for its ESG efforts. MSCI rates company policies and actions related to key metrics such as responsible sourcing, clean technology usage, and more on an industry-relative AAA-CCC scale.
STL has also been awarded the Silver medal with an overall score of 92 percentile in the EcoVadis Sustainability assessment. The company improved its score in 3 out of 4 categories – Environment, Labour & Human Rights, and Ethics. The increased score can also be attributed to STL’s world-leading waste management practices and Zero Liquid Discharge. STL achieved Zero Waste to Landfill certification for four manufacturing units in India and two in Italy and Zero Liquid Discharge across 6 of its 11 global manufacturing facilities.
In addition to its environment, community, and governance efforts, STL has been championing enhanced disclosures and reporting on an increased number of ESG KPIs along with the publication of policies on Net Zero by 2030, energy, waste and water management, and sustainable sourcing.
The company has also been making concerted efforts to develop a dedicated Human Rights policy that values transparency, regulatory compliance, grievance redressal, and employee safety.
Commenting on improvement in MSCI ratings, Akanksha Sharma, Global ESG Head, STL, said: “Our commitment to sustainability and UN Sustainable Development Goals has been a core driver of our ESG and business actions. We are striving to create tangible and measurable impact through our efforts towards sustainable operations, women empowerment and grassroots work in areas like water conservation, digital education, healthcare and more. These ratings are a validation of our efforts and reinforce our vision to be a leader in addressing sustainability-related risks and opportunities within our industry.”