Development of a specific sustainability program
As Orica is considered a global leader in the mining industry, it will need a robust sustainability program, one such program can be the Reduction of Carbon Emission via Renewable Energy. The initiative to reduce Orica’s carbon footprint by shifting to renewable energy sources for its maximum operations and facilities will be relevant to sustainability policies and be positively impactful.
Cheng et al. (2021) state that the world is actively practising stricter climate goals and transforming its energy sources to renewable ones to combat global warming, this program will contribute to sustainability and corporate responsibility. Many industries are aggressively shifting to renewable energy resources and Orica can lead the mining industry by setting the example by abiding by the regulatory requirements, avoiding penalties and benefitting from investments and incentives.
For many industries, the initial conversion from traditional energy resources to renewable ones can be very costly but in the long run, it will lead to cost efficiency and less volatility as compared to fossil fuels (Sonter et al., 2020). With such steps, Orica will establish a positive reputation with clients, the public and stakeholders leading in sustainability and attracting new investments from environmentally conscious stakeholders. By integrating renewable energy resources such as solar and wind, there will be a stable and secure energy supply as these resources are not susceptible to geopolitical and market fluctuations.
Components of the Sustainability Program:
Feasibility Study and Energy Audit:
To initiate the program, the company will need to conduct a comprehensive audit of energy consumption and emissions and assess the feasibility of integrating solar, wind or any other renewable energy resources. The company will need to identify potential sites for the installation of renewable energy resources.
Renewable Energy Installation:
These renewable energy resources such as solar panels can be installed on facility roofs or surrounding land. The company can form partnerships for wind energy projects through direct investments or power purchase agreements (PPAs). Other renewable resources such as geothermal energy or biomass can be utilized in selected areas depending on feasibility and suitability.
Energy Storage Solutions:
The program may need to invest in a battery storage system that manages energy demand and supply effectively so that reliable energy sources remain available even when renewable sources are intermittent.
Employee Training and Engagement:
The program will need to train employees on the importance of renewable energy and ways to optimize energy usage to promote a culture of sustainability within the employees of the organization.
Monitoring and Collaboration:
The program will need to implement systems that monitor energy use, carbon emissions, reductions, and cost-effectiveness. This will help in reporting to stakeholders regarding the progress and developing strategies as per the report. With the report, there can be collaboration with renewable energy researchers, governments and industry leaders to share research, resources and best practices.
