ReNew Publishes First Annual Integrated Report Aligned With International Integrated Reporting Standards
05 Agosto 2024 - 8:56AM
Business Wire
- ReNew becomes one of the pioneers among Indian
companies to align with the EU taxonomy, reporting 97.79% of
capital expenditure aligned with this classification
- First Annual Integrated Report aligns with the
International Integrated Reporting Council Framework as ReNew goes
above and beyond to set new standards on ESG
- ReNew sourced 41% of electricity through clean
sources across all operations, making quick strides in its journey
to reach 50% by FY 2025, as per the company’s stated target
- The report includes achievements such as 40%
gender diversity at the Board level and 358 million liters of water
saved, which was a ~13% increase YoY
ReNew Energy Global Plc ("ReNew") (NASDAQ: RNW), India’s leading
decarbonization solutions provider, released its first Annual
Integrated Report (for FY 2023-24) today. The report titled
‘Innovating Clean Energy Solutions’ reinforces ReNew’s position as
a global pioneer in the clean energy landscape while integrating
sustainability, nurturing equity, and embodying responsible
stewardship.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240805395803/en/
From left to right: Vaishali Nigam Sinha,
Co-Founder & Chairperson, Sustainability, ReNew; Sir Sumantra
Chakrabarti, Chairperson, ESG Committee and Independent Director,
ReNew; and Sumant Sinha, Founder, Chairman & CEO, ReNew at
ReNew Hub on Friday, 2 August, 2024 (Photo: Business Wire)
The report demonstrates ReNew’s commitment to ensure its
disclosures go above and beyond any single geographical reporting
standard and to continue to advance towards enhanced global
reporting standards. ReNew has, for the first time, aligned with
the EU Taxonomy and reports 97.79% of its capital expenditure
aligned with it. The taxonomy is a classification system that lays
out the criteria for economic activities which are aligned with a
net-zero trajectory by 2050. This strategic move bolsters
sustainable investment and elevates the transparency of its
economic activities, in harmony with climate objectives and broader
environmental goals.
Sumant Sinha, Founder, Chairman, and CEO, ReNew, said:
“As a pioneer in India’s renewable energy sector, we are committed
to strategically expanding our footprint in the Indian market with
targeted investments in select emerging markets globally. As we
look ahead, we envision doubling our aggregate portfolio to ~21 GW
in the next five years. Our first Annual Integrated Report reflects
our commitment to scale up renewable energy projects and meet the
growing demand for clean and sustainable power solutions in an
environmentally and socially responsible manner.”
ReNew also undertook its first Double Materiality Assessment in
FY 2023-24, a notable responsibility in its journey towards
sustainable excellence. Double materiality is an impact assessment
method which shows an organization’s actual and potential adverse
impacts on people, society and the environment from both a
financial and non-financial perspective.
As outlined in the report, FY 2023-24 was marked by significant
milestones for ReNew. The Company crossed the mark of 10 GW set up
cumulative capacity and recorded a net profit of INR 4,147 million
(US$ 50 million).
Vaishali Nigam Sinha, Co-Founder and Chairperson -
Sustainability, ReNew, said: “As the world inches closer to the
critical 1.5 degrees Celsius climate threshold, we, at ReNew, are
playing a pivotal role in enabling India’s low carbon development
pathways. We have committed to net-zero goals by 2040, validated by
the Science Based Targets initiative (SBTi), which makes us one of
the first pure-play renewable energy companies to receive this
recognition.”
Solidifying its position as a leading clean energy player, ReNew
reported 16 million tonnes of CO2e mitigation, accounting for ~0.6%
of India’s total carbon emissions. Demonstrating tangible progress
towards its own net-zero commitment by 2040, the Company witnessed
a ~10% reduction in Scope 1 and 2 emissions for FY 2023-24 compared
to the baseline year FY 2021-22. ReNew also achieved carbon
neutrality for Scope 1 and Scope 2 emissions for the fourth
consecutive year. Scope 1 are direct emissions owned or controlled
by a company, whereas Scope 2 are indirect emissions from the
generation of purchased electricity consumed by a company.
ReNew has reinstated its commitment to building an environment
that prioritizes employee safety and inclusivity. The Company was
certified a ‘Great Place to Work’ for the fourth consecutive year
and recorded an employee gender diversity rate of ~14%, with ~10%
women representation in science, technology, engineering, and maths
(STEM) roles, far surpassing industry standards.
ReNew’s Annual Integrated Report FY 2023-24 is available
here.
Note to Editors:
About the Report:
The Annual Integrated Report FY 2023-24 was crafted in alignment
with the International Integrated Reporting Council (IIRC)
framework established by the International Financial Reporting
Standards (IFRS) Foundation. In preparing this report, ReNew has
also referenced the Global Reporting Initiative (GRI) Standards
2021, United Nations Sustainable Development Goals (UN SDGs),
Sustainability Accounting Standards Board (SASB), United Nations
Global Compact (UNGC), United Nations Women’s Empowerment
Principles (UNWEP), International Finance Corporation (IFC)
Standards, Equator Principles (EP) and Task Force on
Climate-related Financial Disclosures (TCFD). The Double
Materiality methodology was based on the European Financial
Reporting Advisory Group (EFRAG) under the Corporate Sustainability
Reporting Directive (CSRD) and aligns with the requirements of IFRS
standards. The non-financial sustainability information presented
in the Report is externally assured by Ernst and Young Associates
LLP. The financial statements presented in the Report are audited
by S.R. Batliboi & Co. LLP, a network firm of Ernst &
Young.
About ReNew
ReNew is a leading decarbonization solutions company listed on
Nasdaq (NASDAQ: RNW). ReNew's clean energy contracted portfolio of
~15.6 GW as of May 31, 2024, is one of the largest globally. In
addition to being a major independent power producer in India, we
provide end-to-end solutions in a just and inclusive manner in the
areas of clean energy, value-added energy offerings through
digitalization, storage, and carbon markets that increasingly are
integral to addressing climate change. For more information, visit
www.renew.com and follow us on LinkedIn,
Facebook, Twitter and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240805395803/en/
Press Enquiries Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries Nathan Judge, Anunay Shahi, Nitin Vaid
| ir@renew.com
ReNew Energy Global (NASDAQ:RNW)
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