ReNew Energy Global Plc has announced its commitment to be net zero by 2040 as part of its latest sustainability report for 2021-22.
ReNew is India’s largest renewable energy company, with over 5 GW of operational energy production and another 6 GW tied up in committed projects. The energy provider develops, builds, owns, and operates utility-scale wind, solar, and hydroelectric energy projects across the country.
According to the report, the company’s goal is to achieve net zero status by 2040, a full 30 years ahead of its parent country, India’s, pledge of 2070. As milestones to this goal, ReNew plans to reduce emissions across scope 1, 2, and 3 by 29.4% by 2027, followed by a 90% reduction by 2040.
The company also pledges to meet a broader range of ESG goals, including water positivity, renewable energy procurement for its operations, and zero waste to landfill.
“In the recent context of global economic and political uncertainty and the increasing impact of climate change, ReNew has been working tirelessly towards addressing India’s energy and climate security,” said Sumant Sinha, Chairman, and CEO ReNew Energy Global PLC.
“We have amplified our efforts with global partnerships including business partners for global decarbonization in areas such as energy storage, green hydrogen, and carbon markets.”
India is the third-largest polluter in the world, releasing around half as many emissions as the US, however, CO2 emissions per person actually put it near the bottom of the world’s emitters. Approximately half of the emissions produced in the country come from energy production, and of that around 55% comes from coal.
At COP26 last year, plans were drawn up to ‘phase out’ the use of coal within the parties, however last-minute changes from India proposed a watered-down version of the language, replacing the wording with ‘phasing down’. As a result, countries can continue to use ‘unabated coal’ meaning coal burning combined with carbon capture and storage methods.
But, the country is making progress. Thanks in part to companies such as ReNew, the country was able to meet 40% of its power capacity from non-fossil fuels nine years ahead of its schedule set at the Paris Agreement at COP21.
