Ha, if you didn't know it was there, will you still not miss it now that you do!?!?
You don't need it but it would cost about £100 for a new pulley if you did (plus sourcing a new bolt and maybe even a regas of the system). For reference, it's controlled by the ECON button on the air con panel. While the red light is on, you're in ECONomy mode. Press the button and, with a functional air con system, the light will go out and you'll have chilled air blowing through the cabin.