ReNew Power makes a strong debut at the CDP ratings for climate change actions and transparency – EQ Mag
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ReNew has been recognized for effective disclosures of the environmental impacts of its business practices
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ReNew debuted in CDP with a ‘B’ rating as the best in the pure-play Renewable energy sector in India for taking coordinated action on climate issues
Gurugram, India : ReNew Power (ReNew Energy Global PLC), India’s leading renewable energy IPPs, has been recognized for its effective disclosures of environmental impact for ReNew’s business and for ensuring good environmental management by the global environmental non-profit CDP (formerly known as the Carbon Disclosure Project). ReNew has received a ‘B’ rating for its actions to cut emissions, mitigate climate risks and develop a low-carbon economy, based on data reported by ReNew through CDP’s 2022 climate change questionnaire.
CDP is a not-for-profit organisation that runs a global disclosure system for investors, companies, cities and states to manage their environmental impact. On behalf of more than 680 financial institutions worth over US $130 trillion in assets, CDP invites thousands of companies each year to disclose their environmental data.
In order to receive an ‘A’ or ‘B’ rating, companies must demonstrate awareness of their business’s impact on the environment, deforestation and water security, and fully disclose the appropriate actions taken to reduce these in line with the 1.5-degree trajectory laid out in the Paris Agreement.
Globally, more than 15,000 companies have disclosed on CDP and ReNew Power is in an elite group of companies that have debuted with a strong upper-grade ‘B’ rating which is higher than Asia’s regional average of ‘C’.
Chief Sustainability Officer, Vaishali Nigam Sinha said, “ReNew Power’s CDP debut reflects our dedication to a fossil-free future while holding ourselves accountable to our stakeholders. This is one among the many efforts by ReNew to monitor and disclose its performance against the environmental, social, governance, and economic parameters and raise the bar on ensuring sustainable practices across the business. Our excellent performance, as recognized by CDP, across emissions disclosure and verification, risk management processes, and governance lays the foundation for us to be a global benchmark in corporate sustainability in the coming years”.
About ReNew
ReNew is one of the largest renewable energy-independent power producers in India and globally. ReNew develops, builds, owns, and operates wind, solar and hydro projects for the supply of power to utilities, as well as to corporates. As of September 30, 2022, ReNew had a gross total portfolio of ~13.4 GWs of renewable energy projects across India including commissioned and committed projects.
