ReNew Energy Global PLC, a leading clean energy company, announced its ESG targets, including a commitment to hit net zero by 2040 through its latest sustainability report for FY 2021-22. The 2040 commitment is 30 years ahead of India’s 2070 target and more ambitious than the net zero targets of many global energy companies.
ReNew intends to achieve this through a comprehensive programme of measures. This will include energy efficiency improvements across offices and sites, clean energy procurement, electrification of fossil-fuel-based equipment, encouraging suppliers for setting SBTi aligned targets, evaluating low carbon footprint raw materials, and exploring green logistics for transportation.
The company is also pledging to meet a broader range of ESG goals including water positivity, renewable energy procurement for its operations, zero waste to landfill, positively impacting 2.5 million lives through CSR initiatives, 30% women in the workforce, and ESG risk management. ReNew will monitor the progress on these targets through internal governance mechanisms and external audits – results will be reported through its annual sustainability report.
These targets were declared as a part of the recently released sustainability report titled “Partnering for transition, Progressing sustainably, Prospering together”. The report was launched by the Board of the Company along with the community representatives in Jaisalmer, Rajasthan. The report outlines how ReNew avoided over 11 million tons of carbon emissions through its clean energy operations over the past year.
Speaking on the report launch, Sumant Sinha, Chairman, and CEO ReNew Energy Global PLC, said, “ReNew has been working tirelessly towards addressing India’s energy and climate security. We have amplified our efforts with global partnerships, including business partners for global decarbonisation in the areas such as energy storage, green hydrogen, and carbon markets.”
The company generated 14,263 GWh of clean electricity to power 4 million Indian households and help India avoid 0.5% of its annual carbon emissions. ReNew’s the carbon intensity of electricity generation is just 32.83 gCO2/KWh, which is 95% less than the Indian power sector’s average and 94% lower than the global average.
As a part of the report, ReNew has declared its Scope 3 GHG emissions, making it a part of the select group of companies that transparently and publicly disclose its GHG emissions, including supply chain emissions. ReNew, in line with its ESG target of being water positive, said that it saved over 216,000 kiloliters of water by deploying robotic cleaning equipment, an increase of over 225% from last year.
Vaishali Nigam Sinha, Chief Sustainability Officer and Chair, ReNew Foundation, said, “This report puts in perspective not only the positive impact that ReNew has been able to create from an environmental standpoint, but also from a social angle and the value it has co-created with its stakeholders. With a model, all women site at the ground level, a majority independent board, and 30% gender diversity at the board level, ReNew is clearly walking the talk.”
To scale up ReNew’s initiative across the social and environmental front and to draw upon the power of the collective, ReNew has partnered with like-minded institutions such as Fluence, L&T, Indian Oil Corporation, World Economic Forum, UNEP India, UNDP India, UN Global Compact Network India, Associated Chambers of Commerce and Industry, South Asian Women in Energy and IIT-Delhi.
ReNew’s sustainability report is prepared in line with the requirements of the Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Disclosures (TCFD), United Nations Global Compact’s 10 Principles and UN Women Empowerment Principles. This report highlights ReNew’s performance across the three pillars of Environment, Society, and Governance (ESG), with external assurance by DNV Business Assurance India Private Limited (DNV).
Key highlights of the report:
- Achieved carbon neutral status for the second consecutive year for its scope 1 & 2 GHG emissions
- Aligned its net zero targets in line with the Science-Based Targets initiative (SBTi)
- Near term target of reducing GHG emissions by 29.4% across all scopes by 2027
- Net zero target of reducing GHG emissions by 90% across all scopes by 2040
- Aim to become water positive and zero waste to landfill company by 2030
- To lead the energy transition in the world, the company has forged collaborations across stakeholders’ groups, including academia and international organizations working for clean energy
- Setting a high standard of corporate governance and exceeding the requirements for global foreign listed entities, ReNew maintains a majority of independent directors on its board.