Greetings!


I hope 2023 has been a good year for you all.

As we bring it to a close, this is an opportune time to reflect on the path-breaking moments in the global energy transition journey. Some of these were:

  • Record investments in clean energy: According to the IEA, global investments in clean energy technology are expected to be 70% higher than those going into fossil fuels. Investments in solar are expected to eclipse that on oil this year, for the first time ever. We are turning the corner on the transition.
  • Triple-down on renewables: Endorsement of tripling renewables capacity by 2030 at the G20 Summit in New Delhi set the stage for this target to be officially adopted at COP28. As a board member of the Global Wind Energy Council, which led the 3xRenewables campaign with the Global Renewables Alliance, I am glad to see the momentum this initiative has picked up.
  • ‘Beginning of the end’ of fossil fuels: The agreement at COP28 marked a commitment to transition away from fossil fuels. The ball has started rolling.

Towards this purpose, ReNew’s contributions as a decarbonisation partner, make me optimistic and energized.

During the year, we officially transitioned from ‘ReNew Power’ to ‘ReNew’, while offering a comprehensive spectrum of solutions, including green hydrogen and its derivatives, carbon off-sets and digital services, which complement our core offering of clean power, where we are amongst the top 15 globally (ex-China). Let me share a few accomplishments that stand out.

  • We commissioned our first solar module manufacturing facility, a 4 GW plant in the state of Rajasthan, supporting Government of India’s vision of an ‘Atmanirbhar Bharat’ (self-reliant India), and the global effort towards diversifying supply chains.
  • The number of people positively affected by our social impact initiatives reached the 1 million mark. ReNew’s impact on the communities and environment was recognized with a Terra Carta Seal this year. We are working on the ground collaboratively, to contribute to a just, fair, and equitable transition in India.
  • I am incredibly proud of diversity in our Board of Directors, which now includes 40% women. This underscores our commitment to diversity as an integral part of everything we do across the organization.

Looking forward to 2024, I am optimistic about what the new year has in store for us. I expect three major trends:

  • Corporate Net-Zero drive: Stronger action by global corporates in decarbonising their own operations and supply chains, bolstered by a stronger regulatory structure around nature-based solutions and carbon markets. An increasing number of companies are likely to be pushing forward on their Net-Zero plans in 2024.
  • Renewables scale-up: Acceleration in the pace of renewables capacity addition in all countries, leveraging revival of international capital flows, declining solar module prices and policy support for large-scale deployment.
  • Faster reforms of multilateral institutions: My piece in Forbes in its issue on 20th September, offers ideas to explore a new set of Climate Bretton Woods institutions to meet the challenge of climate change, very much like the post-war economic challenge of the 1940s.

I leave you with select snippets below of our year and thank you for your parthnership and support in our journey in 2023.

As I look forward to a new year with hope and optimism, I wish you and your loved ones a healthy, prosperous, and greener 2024!


Best wishes,

Sumant Sinha

Founder, Chairman and CEO

ReNew

Recognition for ReNew

MIT Technology Review 2023’s

15 Climate Tech Companies to Watch

ReNew is one of the only two renewable energy companies globally to be included in this prestigious list

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Sustainable Markets Initiative

Terra Carta Seal

ReNew is one of only 17 companies in the list globally, recognized for its efforts towards conservation of water in its operations

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The COP 28 Presidency

Energy Transition Changemaker

One of the only 10 companies globally to receive the recognition under the category of Renewables, Renewables Integration and Clean Power

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The World Economic Forum

Energy Transition Changemaker

ReNew, for the second time, found its place in the select list of 21 new members of the Global Lighthouse Network, a community of manufacturers that shows leadership in 4 IR technologies

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ReNew’s Outreach

The Future of Energy convened by ReNew at Davos

Dr. Faith Birol and I discussed the key trends that will shape the Future of Energy in 2023 and beyond

Chair - Elect for RMI’s Board of Trustees

I am excited to play a role in RMI’s pathbreaking work on energy as I take over the role of co-Chair in January 2024

Scoping the future of Offshore Wind in India Mumbai, India

Shared my views on India’s offshore wind potential and way forward alongside Secretary of India’s Ministry of New and Renewable Energy Shri Bhupinder Bhalla, former Secretary Ministry of Power Shri Alok Kumar and Jt. Secy, MNRE Shri Dinesh Jagdale

The U.S.- India Climate Partnership and Emerging Opportunities, New York

At a roundtable hosted by ReNew in New York, we launched a comprehensive policy report on US India Climate partnership, in presence of Enoh Ebong- Director, USTDA; Reta Jo Lewis, President of EXIM Bank, Randhir Jaiswal- ex Consul General of India in NY and Mukesh Aghi, CEO, USISPF

Launch of Fossil Free 2.0 – Reimagining Clean Energy in a carbon constrained world, New Delhi, India

India’s Minister for Power and New and Renewable Energy, Shri RK Singh and NK Singh, Co-Chair of Expert Group on MDB Reforms for G-20 graced the launch of my book, that has an additional chapter on Green hydrogen

Mobilizing Finance for the Energy Transition COP 28 Dubai, UAE

Top policy experts, bankers, global investors, international academia, and industry executives joined the ReNew hosted roundtable discussion in Dubai on how we speed up capital mobilization for energy transition

Leadership Team at ReNew




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