Renew Power helped India avoid 10 million metric tons carbon emissions says its 'Sustainability Report'

15 Sep 2021
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ReNew Power, with 100% of its generation from renewable energy sources, helped avoid 0.5% of India's carbon emissions and 1.1% of the emissions from the power sector
ReNew avoids carbon emissions which are 200 times its scope 1 and 2 emissions
400,000 lives impacted across 200+ villages in 9 Indian states through community development initiatives in FY 20-21

GURGAON, India, Sept. 15, 2021 /PRNewswire/ -- ReNew Power ("ReNew" or "the Company"), India's leading renewable energy company, today announced that it helped India avoid 10 million metric tons of carbon emissions, in its recently released sustainability report for FY20-21. The report, prepared in accordance with Global Reporting Initiative's (GRI) sustainability reporting standards has been assured by a globally renowned assurance agency, DNV GL Business Assurance India Private Limited (DNV). The report highlights ReNew Power's achievements across the three important pillars of Environment, Society and Governance (ESG).

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Highlights of the report include:

  • During the reporting year, ReNew Power's commitment to environmental stewardship helped India avoid 0.5% of its Green House Gas (GHG) emissions, contributing significantly towards India's quest to achieve the Nationally Determined  Contributions (NDC) as pledged by the Government of India under the Paris agreement.
  • By generating power through clean energy, ReNew helped the power sector avoid 1.1% of its GHG emissions. ReNew's avoided emissions were more than 200 times that of its scope 1 & 2 emissions.
  • The company has been critically monitoring its water footprint and has saved over 66,000 kiloliters of water by deploying robotic cleaning of solar panels.
  • ReNew has undertaken steps to boost diversity and inclusion aimed at increasing the gender ratio in the Company. The Company has also received the Great Place to Work recognition twice and has been recognized  among the best employers in India in the category this past year by Great Place to Work (GPTW).
  • Financial contributions towards energy access, water conservation, COVID relief, women empowerment and community development helped over 400,000 people across 200+ villages in 9 states.
  • ReNew Power continues to strengthen its governance mechanisms and is among the first companies in the sector to launch a 'Sustainable Supply Chain Framework.' Under this framework, ReNew will screen its suppliers on aspects such as human rights, minimum wages and forced and child labour among others.
  • ReNew's governance standards exceed requirements for global foreign listed entities on Nasdaq  and has a majority independent and gender diverse Board.

Speaking on the occasion, Sumant Sinha, Founder, Chairman and CEO, ReNew Power said, "ReNew Power's sustainability report is an account of our achievements in line with our vision of leading India's energy transition from fossil fuels to clean energy. Our sustainability report clearly outlines how India's environment is positively impacted through our actions. Sustainability is central to our business and ReNew Power's mission is to play a pivotal role in meeting India's growing energy needs in an efficient, sustainable, and socially responsible manner." 

Ms. Vaishali Nigam Sinha, Chief Sustainability Officer and Chair ReNew Foundation said, "The sustainability report comes at a critical juncture as the world is realizing the dangers of climate change and the importance of shared responsibility. At ReNew Power, we are committed to going the extra mile with all relevant stakeholders to create a better society and better planet. ReNew's growth over the past decade is a testimony to the fact that companies with a purpose can provide great value to their shareholders and investors."

About ReNew Power

ReNew is India's leading renewable energy Independent Power Producer (IPP) by capacity and is the 10th largest global renewable IPP by operational capacity. ReNew develops, builds, owns and operates utility-scale wind and solar energy projects, and distributed solar energy projects. As of August 31, 2021, ReNew Power had a total capacity of approximately 10.2 GW of wind and solar energy projects across India, including commissioned and committed projects from organic and inorganic growth opportunities.

 

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SOURCE ReNew Power Private Limited

Arijit Banerjee, arijit.banerjee@renewpower.in, +91 9811609245, Madhur Kalra, madhur.kalra@renewpower.in, +91 9999016790, Investor Inquiries: Nathan Judge, CFA, nathan.judge@renewpower.in