Home CATEGORIES Business Ethics & Philanthropy ReNew Energy Global PLC Pledges to Net-Zero Emissions by 2040: Sustainability Report

ReNew Energy Global PLC Pledges to Net-Zero Emissions by 2040: Sustainability Report

Through its most recent sustainability report for FY 2021–2022, ReNew Energy Global PLC, India’s top renewable energy firm, has announced its ESG ambitions, including a pledge to achieve net zero by 2040. The 2040 goal is more ambitious than many international energy corporations’ net zero ambitions and is 30 years ahead of India’s 2070 goal.
The corporation has also committed to achieving a wider set of ESG objectives, such as 30% female employment, water positivity, zero waste to landfill, and ESG risk management. Other objectives include positive impacts on 2.5 million lives through CSR efforts. ReNew will use internal governance procedures and outside audits to track its progress toward these goals, and it will present its findings in its annual sustainability report.

ReNew Energy Global PLC Sustainability Report 2021-22

The recently released sustainability report, titled “Partnering for transformation, Progressing sustainably, Prospering jointly,” included these goals. In Jaisalmer, Rajasthan, the report was unveiled by the company’s board and community leaders. The paper describes how ReNew’s renewable energy operations throughout the previous year prevented over 11 million tonnes of carbon emissions.
Additionally, the company produced 14,263 GWh of clean electricity, enough to power 4 million Indian households and contribute to the country’s efforts to reduce carbon emissions by 0.5% annually. ReNew’s carbon intensity of electricity generation is at 32.83 gCO2/KWh, which is 94% lower than the global average and 95% less than the average for the Indian power sector.
ReNew has disclosed its Scope 3 GHG emissions as part of the report, joining the exclusive club of businesses that transparently and publicly publish their GHG emissions, including supply chain emissions. ReNew said that it saved more than 216,000 kiloliters of water by using robotic cleaning equipment, an increase of more than 225% from the previous year and in accordance with its ESG aim of being a water-positive company.

Strengthening Global Partnerships

Speaking on the report launch, Sumant Sinha, Chairman, and CEO ReNew Energy Global PLC, said “In the recent context of global economic and political uncertainty and the increasing impact of climate change, 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 decarbonization in the areas such as energy storage, green hydrogen, and carbon markets. We have also built strong relationships with academia, think tanks and industry associations for innovative research and development.”

Combating Climate Change – A Core Purpose of the Company

Vaishali Nigam Sinha, Chief Sustainability Officer and Chair, ReNew Foundation, said “ReNew’s core purpose is to address climate change, and we strongly believe that this cannot be achieved without an inclusive and equitable society. 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.”

CSR of ReNew Energy

ReNew has undertaken a number of initiatives with the aim of enabling a just transition that is inclusive, holistic, and sustainable and addresses the marginalised, youth, and women. These initiatives include granting access to clean energy in schools, promoting climate literacy, conserving water, empowering women, and developing infrastructure. Through its CSR activities, ReNew has impacted 650,000 lives in 250 villages and 10 states.
ReNew created the “ReNew Young Leaders Climate Curriculum” with the aim of educating the generation that will be most affected by climate change, which comprises 20,000 students spread over 100 schools. ReNew started a programme to reskill women saltpan farmers who had to work in difficult conditions. ReNew has increased the number of employees working for company by 38%, to over 1,600. ReNew will provide all of its employees the required ESG training throughout the year, educating them and transforming them into sustainability ambassadors for society at large.
ReNew has partnered with like-minded organisations like 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 in order to scale up its initiative on the social and environmental fronts and to harness the power of the collective.
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 are all taken into consideration when creating ReNew’s sustainability report. Environment, Society, and Governance (ESG) are the three pillars on which ReNew is judged in this study. DNV Business Assurance India Private Limited provided external assurance for ReNew (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.