Ahmedabad, June 16, 2023 - Adani Green Energy Limited (AGEL), a prominent renewable power producer in India and a subsidiary of the Adani portfolio, has achieved significant recognition for its strong environmental, social, and governance (ESG) performance. ISS ESG, a renowned ESG research and rating agency, has ranked AGEL as the top renewable energy company in Asia and among the top 10 globally in the sector.
AGEL's commitment to ESG practices and transparency has earned the company a 'Prime' (B+) band placement by ISS ESG. This acknowledgment underscores AGEL's dedication to robust ESG disclosure and aligns with its goal of being rated among the top 10 ESG companies in the world in the electric utility sector by FY25. AGEL has already secured a position in the world's top 10 companies in the Renewable Energy sector, as per Sustainalytics in FY23.
With an operating renewable portfolio of 8,216 MW, AGEL boasts the largest renewable energy capacity in India. Its operations contribute significantly to combatting climate change and facilitating India's transition toward a sustainable energy system. AGEL has implemented dedicated management systems to address relevant social and environmental risks.
The company believes in embedding ESG principles at its core and integrating them into its business strategy. By adhering to these principles, AGEL aims to build resilience, foster a positive culture, and create long-term value. As a pure-play renewable energy company, AGEL actively supports India's decarbonization goals by generating and supplying renewable energy to the grid. Furthermore, it remains committed to providing sustainable solutions to address climate change, water scarcity, and the responsible consumption of natural resources.
Mr. Vneet S Jaain, Managing Director of Adani Green Energy Ltd., emphasized the importance of AGEL's ESG framework, stating, "At AGEL, we have developed a comprehensive ESG framework that aligns with the UN Global Compact, UN Sustainable Goals, India Business and Biodiversity Initiatives, Green Bond Principles, and IFC's E&S Performance. Our policies and targets are aligned with these guidelines to ensure we contribute positively to the environment and society. Our aim is to be recognized among the top 10 companies globally in the ESG benchmarking of the electric utility sector by FY25."
The ESG Corporate Rating provided by ISS ESG evaluates relevant and forward-looking ESG assessments. Leveraging a comprehensive set of approximately 100 environmental, social, and governance-related indicators, ISS ESG assesses companies based on a pool of about 700 indicators, both standard and industry-specific.
AGEL has also implemented a robust health and safety management system certified in accordance with ISO 45001 standards. The company upholds a code of conduct for all employees and has specific policies on whistleblowing and corruption.
Adani Green Energy Limited specializes in developing, building, owning, operating, and maintaining utility-scale grid-connected solar and wind projects. The electricity produced is supplied to central and state government entities as well as government-backed corporations. With a target of achieving 45 GW of renewable energy capacity by 2030, AGEL remains committed to contributing to India's renewable energy ambitions.
