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Endorsing Sustainability Powered with 3Ps

The sustainability report of ReNew titled “Partnering for transition, Progressing sustainably, Prospering together” is packed with ambitious targets and the company’s performance, both of which are of high interest to our stakeholders. This report presents our performance across the three pillars of Sustainability: Environmental, Social, and Governance (ESG), authenticated by a reputed external global firm.

Over the years, ReNew has been working tirelessly towards addressing India’s energy and climate security, quadrupling its operational capacity since 2017. During FY22, the company generated 14,263 GWh of clean electricity, enough to power ~ 4 million Indian households, and helped India avoid 0.5% of its annual carbon emissions. In this report, we have declared our GHG emissions, inclusive of supply chain (Scope-3) emissions, which are significantly lower than the global power sector average.

ReNew has set a net-zero target that is more ambitious than the targets of many global energy companies. We have already rolled out a series of measures to achieve our net-zero goal. This includes clean energy procurement for its operations, electrification of fossil-fuel-based equipment, encouraging suppliers to set SBTi-aligned targets, evaluating low carbon footprint raw materials, and exploring green logistics for transportation. Additionally, ReNew aims to work towards improving energy efficiency across its offices and sites. For FY22, the company’s energy consumption was 32% less than the previous financial year.

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We are also pledging a broader range of ESG goals with a focus on water stewardship, renewable energy procurement for its operations, zero waste to landfill, and 30% women in the workforce, all within specific timeframes, as mentioned in this report. Intending to enable a just transition that is inclusive for the disadvantaged, especially youth and women, ReNew has initiated multiple programs, such as providing clean energy access to schools, climate literacy, water conservation, women empowerment, and infrastructure development, impacting lives spread across ten states and 250 villages in India.

ReNew is also set to launch the ‘ReNew Young Leaders Climate Curriculum’ for 20,000 students across 100 schools to sensitize and educate the next generation, which would be impacted the most by climate change. Recently, ReNew also launched “Project Surya”- a re-skilling program for women saltpan farmers working under challenging conditions.

Driven by our shared interest and focus on collaborations, – we have amplified our efforts through global partnerships, including business partners for global decarbonization in areas such as energy storage, green hydrogen, and carbon markets. We have also built strong relationships with academia, think tanks, and industry associations for innovative research and development. To scale up ReNew’s multiple initiatives across the social and environmental front and to draw upon the power of collaboration, we have partnered with institutions such as Fluence, L&T, Indian Oil Corporation, World Economic Forum, UNEP India, UNDP India, UN Global Compact Network India, Associated Chambers of Commerce and Industry, South Asian Women in Energy, and IIT-Delhi among others.

Covering all of the above, ReNew’s sustainability report is prepared in line with global standards like the Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Disclosures (TCFD), United Nations Global Compact’s 10 Principles and UN Women Empowerment Principles.

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