Gurugram, Aug 5, 2024: Decarbonization solutions provider ReNew sourced 41% of electricity through clean sources across all operations, making quick strides in its journey to reach 50% by FY 2025, according to the company’s first Annual Integrated Report released on Monday.
The report titled ‘Innovating Clean Energy Solutions’ reinforces ReNew’s position as a global pioneer in the clean energy landscape while integrating sustainability, nurturing equity, and embodying responsible stewardship.
The report for FY 2023-24 demonstrates ReNew’s commitment to ensure its disclosures go above and beyond any single geographical reporting standard and to continue to advance towards enhanced global reporting standards. ReNew has, for the first time, aligned with the EU Taxonomy and reports 97.79% of its capital expenditure aligned with it. The taxonomy is a classification system that lays out the criteria for economic activities which are aligned with a net-zero trajectory by 2050. This strategic move bolsters sustainable investment and elevates the transparency of its economic activities, in harmony with climate objectives and broader environmental goals.
Sumant Sinha, Founder, Chairman, and CEO, ReNew, said: “As a pioneer in India’s renewable energy sector, we are committed to strategically expanding our footprint in the Indian market with targeted investments in select emerging markets globally. As we look ahead, we envision doubling our aggregate portfolio to ~21 GW in the next five years. Our first Annual Integrated Report reflects our commitment to scale up renewable energy projects and meet the growing demand for clean and sustainable power solutions in an environmentally and socially responsible manner.”
ReNew also undertook its first Double Materiality Assessment in FY 2023-24, a notable responsibility in its journey towards sustainable excellence. Double materiality is an impact assessment method which shows an organization’s actual and potential adverse impacts on people, society and the environment from both a financial and non-financial perspective.
As outlined in the report, FY 2023-24 was marked by significant milestones for ReNew. The Company crossed the mark of 10 GW set up cumulative capacity and recorded a net profit of INR 4,147 million (US$ 50 million).
Vaishali Nigam Sinha, Co-Founder and Chairperson - Sustainability, ReNew, said: “As the world inches closer to the critical 1.5 degrees Celsius climate threshold, we, at ReNew, are playing a pivotal role in enabling India’s low carbon development pathways. We have committed to net-zero goals by 2040, validated by the Science Based Targets initiative (SBTi), which makes us one of the first pure-play renewable energy companies to receive this recognition.”
Solidifying its position as a leading clean energy player, ReNew reported 16 million tonnes of CO2e mitigation, accounting for ~0.6% of India’s total carbon emissions. Demonstrating tangible progress towards its own net-zero commitment by 2040, the Company witnessed a ~10% reduction in Scope 1 and 2 emissions for FY 2023-24 compared to the baseline year FY 2021-22. ReNew also achieved carbon neutrality for Scope 1 and Scope 2 emissions for the fourth consecutive year. Scope 1 are direct emissions owned or controlled by a company, whereas Scope 2 are indirect emissions from the generation of purchased electricity consumed by a company.
ReNew has reinstated its commitment to building an environment that prioritizes employee safety and inclusivity. The Company was certified a ‘Great Place to Work’ for the fourth consecutive year and recorded an employee gender diversity rate of ~14%, with ~10% women representation in science, technology, engineering, and maths (STEM) roles, far surpassing industry standards.
