“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.
(ReNew’s Sustainability Targets for Responsible Transformation)
- Board diversity policy for 30% female representation
- Zero instances of anticompetitive behaviour, anti-trust and monopolistic practices
- Link ESG performance with executive compensation
- Mitigate ESG risks to ensure no critical ESG / sustainability risks (in ERM)
- Rated among the top 5 (globally) in energy utility across CDP, Sustainalytics and Refinitiv
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.
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
Advocating integration of climate change measures into national policies, strategies and planning under the banner of ReNew Foundation (the philanthropic arm of ReNew Power)
Forging alliances and partnership with like-minded institutions like UNEP, The Climate Group, IIT Delhi and Stanford to advance dialogues on climate change mitigation
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
- 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 commit 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.
- To know more about our sustainability initiatives, please read Sustainability Report FY 2021-22, CDP Report 2022, Sustainability Report FY 2020-21, Summary Report.
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.