5 August 2024
ReNew
·
ReNew
becomes one of the pioneers among Indian companies to align with the EU
taxonomy, reporting 97.79% of capital expenditure aligned with this classification
·
First
Annual Integrated Report aligns with the International Integrated Reporting
Council Framework as
ReNew goes above and beyond to set new standards on ESG
·
ReNew
sourced 41% of electricity through clean sources across all operations, making
quick strides in its journey to reach 50% by FY 2025, as per the company’s stated
target
· The report includes achievements such as 40% gender diversity at the Board level and 358 million liters of water saved, which was a ~13% increase YoY
Gurugram, India, 05 August 2024: ReNew
Energy Global Plc ("ReNew") (NASDAQ: RNW), India’s leading
decarbonization solutions provider, released its first Annual Integrated Report
(for FY 2023-24) today. 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 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.
ReNew’s
Annual Integrated Report FY 2023-24 is available here.
Note to Editors:
About the Report:
The Annual
Integrated Report FY 2023-24 was crafted in alignment with the International
Integrated Reporting Council (IIRC) framework established by the International
Financial Reporting Standards (IFRS) Foundation. In preparing this report, ReNew
has also referenced the Global Reporting Initiative (GRI) Standards 2021,
United Nations Sustainable Development Goals (UN SDGs), Sustainability
Accounting Standards Board (SASB), United Nations Global Compact (UNGC), United
Nations Women’s Empowerment Principles (UNWEP), International Finance
Corporation (IFC) Standards, Equator Principles (EP) and Task Force on
Climate-related Financial Disclosures (TCFD). The Double Materiality
methodology was based on the European Financial Reporting Advisory Group
(EFRAG) under the Corporate Sustainability Reporting Directive (CSRD) and
aligns with the requirements of IFRS standards. The non-financial
sustainability information presented in the Report is externally assured by
Ernst and Young Associates LLP. The financial statements presented in the
Report are audited by S.R. Batliboi & Co. LLP, a network firm of Ernst &
Young.
About
ReNew
ReNew is a leading decarbonization
solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy
contracted portfolio of ~15.6 GW as of May 31, 2024, is one of the largest
globally. In addition to being a major independent power producer in India, we
provide end-to-end solutions in a just and inclusive manner in the areas of
clean energy, value-added energy offerings through digitalization, storage, and
carbon markets that increasingly are integral to addressing climate change. For
more information, visit www.renew.com
and follow us on LinkedIn,
Facebook, Twitter and Instagram.
Press
Enquiries
Shilpa Narani | shilpa.narani@renew.com
Investor
Enquiries
Nathan Judge, Anunay Shahi, Nitin Vaid | ir@renew.com
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