“While people assume a clean energy company to be sustainability-focused, we go the extra mile to ensure that the ideals of sustainability and ESG are thoroughly ingrained in the way we operate. For us, it is all about creating a better company, a better society and a better planet, for one and for all.”
Committed to leading a change in the country’s current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India’s carbon footprint, 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.
In ReNew, we engage with a broad range of stakeholders – customers, employees, researchers, policy makers, regulators, investors, NGOs and local communities – to understand the sustainability themes that are most important to them and also for us.
Through detailed stakeholder consultation and materiality assessment, we identified an array of topics and issues which are critical to our business and we track our progress on these topics/issues throughout the year.
ReNew has identified 6 critical success pillars for its sustainability journey.
The pillars are supported by an ESG strategy to function as a catalyst for transformation.
Strong leadership and governance
Integrating sustainability in operations
Setting transformative ambitions through an envisioned future and applying “future back-thinking” to build a roadmap
Achieving systemic change at scale
Exploring products and business innovations
Making sustainability a holistic value proposition for customers & ensuring communication efforts are resulting in desired perception with stakeholders
ReNew’s ESG strategy and proposed roadmap draws from stakeholder interactions, peer landscape, growing investor requirements, key indicators reported on voluntary disclosure platforms and guidelines laid out by international standard-setting bodies and frameworks including SASB and GRI.
Working alongside our business teams, has helped us programmatically integrate sustainability into our day-to-day operations. In practice, we collaborate closely from defining group level targets, which are translated into business unit level targets, to developing action plans for meeting the targets as well as assigning clear responsibilities for execution of each action plan.
Our ESG targets
- Achieving Net Zero by 2050 by adopting Science based targets
- Working towards reduction in water consumption in our operations by adopting water conservation techniques
- Adopting sustainable waste management practices in accordance with government regulations
- Integrating our suppliers and vendors into our sustainability framework and considering opportunities to reduce environmental footprint and increasing resource efficiency across the entire value chain
- Maintaining high standards of safety (zero injury)
- Committed to encouraging diversity and inclusive workplace
- Working with our suppliers and vendor for improving their sustainabiliy practices
- Promoting Employee Volunteering for an engaged workforce
- Generating social value and supporting the communities in and around its operations
- Adopting the Taskforce for Climate-related Financial Disclosures (TCFD) to map our risks and opportunities as a result of climate change which we may be exposed to now and in the future
- Defining strong governance and review mechanisms for sustainability review under the leadership of its CMD
At ReNew, we are committed to creating a resilient supply chain. As part of Sustainable Supply Chain guidelines, we are working closely with our critical suppliers and partners to address the environmental, social and governance aspects across our supply chain.
By adopting this approach, we aim to reduce waste and environmental footprint, while also improving labour conditions by preventing worker exploitation along with a focus on health and safety.
It is our belief that a fully sustainable supply chain is one that ensures socially responsible business practices. These practices are not only good for the planet and people, but they also support business growth.
At ReNew, we strongly promote a culture of transparency and accountability, which is reflected in our sustainability governance mechanism.
Sustainability is embedded in our day-to-day operations. Our sustainability initiatives are implemented by the business teams in conjunction with the sustainability team and responsibility for sustainability performance is anchored with the leadership team. The Sustainability Committee headed by the Chief Sustainability Officer, meets frequently to review the progress of the initiatives, and offers advice and suggestions to the teams.
Our sustainability initiatives help us systematically meet expectations from stakeholders, while addressing the sustainability challenges of our business. Through these initiatives we impact many SDGs, with our core contribution being towards to SDG 7 wherein we aim to transform the energy landscape for India.
Ensuring last mile access to clean energy in rural India through the Lighting Lives Programme and core business
Working towards promoting an inclusive work force within the company and India Inc. by leveraging our partnership with UNGC Network India and also working towards women empowerment in rural India through the ReNew Women India initiative
Forging alliances and partnership with like-minded institutions like UNEP, The Climate Group, IIT Delhi and Stanford to advance dialogues on climate change mitigation
Advocating integration of climate change measures into national policies, strategies and planning under the banner of ReNew Foundation (the philanthropic arm of ReNew Power)
- Race to Zero, a global campaign aimed towards a healthy, resilient and zero carbon recovery by adopting Science-Based Targets.
- Terra Carta, an initiative by the Prince of Wales to involve the private sector in creating a sustainable future.
- UNGC Ten Principles, which commits us to integrating environmental, social and governance considerations in our functioning.
- UN Women Empowerment Principles, helping us create an inclusive and gender equitable workplace.
- GRI South Asia Charter for Sustainability Imperatives, to further strengthen our commitment towards sustainability under globally-accepted standards.
At ReNew Power, we are committed to building a positive relationship with our employees, stakeholders, society and the planet to create long-term value. For us, it is an imperative to embed sustainability within our business planning, as we look to do our bit to mitigate impacts of climate change.