ReNew commits to net zero by 2040 and bolsters ESG targets
Many firms are changing their ESG guidelines to add defense stocks for the first time
ReNew Energy Global PLC, a leading clean energy company, announced its ESG targets, including a commitment to hit net zero by 2040 through its latest sustainability report for FY 2021-22.
The 2040 commitment is 30 years ahead of India's 2070 target and more ambitious than the net zero targets of many global energy companies.
The company is also pledging to meet a broader range of ESG goals including water positivity, renewable energy procurement for its operations, zero waste to landfill, positively impacting 2.5 million lives through CSR initiatives, 30% women in the workforce, and ESG risk management.
ReNew will monitor the progress on these targets through internal governance mechanisms and external audits - results will be reported through its annual sustainability report.
Speaking on the report launch, Sumant Sinha, Chairman, and CEO ReNew Energy Global PLC, said, "ReNew has been working tirelessly towards addressing India's energy and climate security. We have amplified our efforts with global partnerships, including business partners for global decarbonisation in the areas such as energy storage, green hydrogen, and carbon markets."
Vaishali Nigam Sinha, Chief Sustainability Officer and Chair, ReNew Foundation, said, "This report puts in perspective not only the positive impact that ReNew has been able to create from an environmental standpoint, but also from a social angle and the value it has co-created with its stakeholders. With a model, all women sit at the ground level, a majority independent board, and 30% gender diversity at the board level, ReNew is clearly walking the talk."
Aligned its net zero targets in line with the Science-Based Targets initiative Aim to become water positive and zero waste to landfill by 2030.