ReNew Energy Global Plc , India’s foremost decarbonization solutions provider, unveiled its first Annual Integrated Report for FY 2023-24 today. Titled ‘Innovating Clean Energy Solutions,’ the report underscores ReNew’s leadership in the clean energy sector, emphasizing sustainability, equity, and responsible stewardship.
The report showcases ReNew’s dedication to surpassing geographical reporting standards, aligning with the EU Taxonomy for the first time. It reveals that 97.79% of ReNew’s capital expenditure aligns with the taxonomy, which sets criteria for economic activities aligned with a net-zero trajectory by 2050. This alignment enhances sustainable investment and transparency in economic activities, supporting climate objectives and broader environmental goals.
Sumant Sinha, Founder, Chairman, and CEO of ReNew, stated, “As a pioneer in India’s renewable energy sector, we are committed to expanding our footprint with strategic investments in emerging global markets. We aim to double our aggregate portfolio to approximately 21 GW in the next five years. Our first Annual Integrated Report reflects our commitment to scaling up renewable energy projects and meeting the rising demand for clean and sustainable power solutions responsibly.”
In FY 2023-24, ReNew conducted its first Double Materiality Assessment, evaluating the company’s actual and potential impacts on people, society, and the environment from both financial and non-financial perspectives. The report highlights significant achievements, including surpassing 10 GW in cumulative capacity and reporting a net profit of INR 4,147 million (US$ 50 million).
Vaishali Nigam Sinha, Co-Founder and Chairperson of Sustainability at ReNew, emphasized, “As the world approaches the critical 1.5 degrees Celsius climate threshold, ReNew is playing a crucial role in India’s low carbon development pathways. Our commitment to net-zero goals by 2040, validated by the Science Based Targets initiative (SBTi), makes us one of the first pure-play renewable energy companies to receive this recognition.”
ReNew reported mitigating 16 million tonnes of CO2e, approximately 0.6% of India’s total carbon emissions. The company achieved a ~10% reduction in Scope 1 and 2 emissions for FY 2023-24 compared to the baseline year FY 2021-22 and achieved carbon neutrality for Scope 1 and 2 emissions for the fourth consecutive year.
Additionally, ReNew reaffirmed its commitment to employee safety and inclusivity, earning the ‘Great Place to Work’ certification for the fourth year running. The company achieved a gender diversity rate of ~14%, with ~10% of women in STEM roles, exceeding industry standards.
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