#flashback2023  

Greetings!

I trust that 2024 has been a fulfilling and rewarding year for you.

Reflecting on the year gone by, I’m pleased that we collectively made significant progress on the energy transition. Four positive trends stand out:

  • Clean energy investment is 10% higher this year compared to 2023, and now twice that of fossil fuel investments (IEA). Steep cost declines have driven faster deployment of solar, energy storage, and electric vehicles. Energy prices and supply volatilities are reducing, creating further space for energy transition investments.
  • India’s growth across renewables deployment and supply chain capabilities remains impressive, and renewables are now 44% of India’s electricity generation capacity. India is rapidly advancing towards self-sufficiency in module and cell manufacturing, driven by a large domestic market and favourable policies.
  • Policy action is driving global investment in grids expansion and materials availability - key enablers of clean electrification. Nations including the US, EU, India, Australia, and Canada have announced plans for grid expansion, sustainable mining, and global partnerships.
  • Artificial Intelligence is creating new opportunities, helping enhance energy yields and further reducing costs of solar and wind projects, for early movers like ReNew. We’re excited to collaborate with the IEA, Microsoft, and Google to advance the global conversation on AI and Energy.

There were significant milestones in ReNew’s journey this year:

  • ReNew strengthened its global leadership in decarbonization solutions, expanding from an IPP to a manufacturer and supplier of solar modules and cells, green hydrogen/ammonia, and carbon credits. In FY 2024, we contributed ~10% of India’s solar and wind power generation and began production at our 6.4 GW solar module and 2.5 GW solar cell plants, securing international quality certifications.
  • ReNew was recognized by the Government of India for its contributions to India’s 200 GW non-fossil fuel capacity milestone. These included:
    • Highest Wind Power Capacity in India
    • Second-highest IPP in Overall Renewable Energy Capacity
    • Third highest Solar Power Capacity
    • Third-largest solar PV Module Manufacturer
  • We are one of 52 companies globally, and the only one from India, to be featured in the Fortune Change the World List 2024, for driving social impact through clean energy innovation.
  • I’m honoured to be named in the TIME100 Most Influential Climate Leaders list, a recognition I share with the entire ReNew team.
  • As evidenced in our first Annual Integrated Report, we have maintained carbon neutrality for the fourth consecutive year, helped avoid 0.6% of India’s total carbon emissions, and positively impacted 1.4 million lives in 2023-24.
  • We trained 300 low-income women salt pan workers as solar panel and pump technicians, enhancing their livelihood opportunities, demonstrating a real-world example of inclusive energy transition.
  • ReNew led the private sector engagement via thought-leadership discussions at the Climate Week in New York and London, and at the World Economic Forum’s Annual Meeting at Davos featuring several eminent global leaders.

Looking ahead to 2025, I feel hopeful and energetic about all the possibilities the year has in store. I anticipate four key developments:

  • Ambitious climate commitments by countries at COP30 that could help close the 22 Gigatonne CO2 eq gap between the current NDC’s and the 1.5°C target for 2030. Renegotiation of the $300 bn climate finance target is a possibility too.
  • Stronger climate action by large corporates, leveraging low clean energy costs and declining interest rates. As Co-chair of the WEF Alliance of CEO Climate Leaders, whose members account for ~10% of global emissions, my focus will be to collaborate with fellow CEOs to increase our collective emissions reductions beyond the 10% achieved between 2019-22.
  • Expansion of carbon pricing and energy efficiency initiatives, with several countries including India poised to implement carbon taxes or emissions trading schemes over the next two years. I also expect swift action on the bilateral and global trading of carbon credits.
  • A rapidly growing India is poised to remain the world’s fastest-growing major economy and become the fourth-largest economy globally, according to the IMF.

As I look forward to a new year with optimism, I leave you with a few images of ReNew’s climate action on ground. On behalf of the 4,300+ ReNewers, best wishes to you and your loved ones, for a healthy, prosperous, and greener 2025!

Best regards,
Sumant Sinha
Founder, Chairman & CEO
ReNew




Enquiry
Urji Calculator-ReNew Urji Calculator