Climate Change Data

ReNew Energy Global PLC

Climate Impact & Sustainability Data (2020-04 to 2021-03, 2021-04 to 2022-03, 2022-04 to 2023-03)

Reporting Period: 2020-04 to 2021-03

Environmental Metrics

Total Carbon Emissions:38,131.16 tCO2e/year (Scope 1 & 2)
Scope 1 Emissions:8730 tCO2e/year
Scope 2 Emissions:30,401.16 tCO2e/year
Water Consumption:170,023.58 KL/year
Waste Generated:11,490 liters of used oil, 3073 solar PV modules, 1124 used batteries, 10,969 kg general waste

ESG Focus Areas

  • Climate Change
  • Diversity & Inclusion
  • Corporate Citizenship
  • Responsible Business Practices
  • Governance

Environmental Achievements

  • Avoided over 10 million tons of carbon emissions in FY 2020-21 (avoided emissions were more than 200 times that of own scope 1 & 2 emissions)
  • Saved over 66,000 kiloliters of water annually by deploying robotic cleaning of solar panels across seven sites in Rajasthan

Social Achievements

  • INR 138 million contribution towards energy access, water conservation, COVID relief, women empowerment and community development, positively impacting over 400,000 people
  • Received Great Place to Work recognition twice and recognized as among the best employers in the Energy, Oil & Gas category

Governance Achievements

  • Established a strong top-driven governance system with a Sustainability Committee reviewing progress quarterly and Board of Directors updated annually
  • Adopted UN Women Empowerment Principles, Ten Principles of UN Global Compact, GRI South Asia Charter for Sustainability Imperatives, and Terra Carta of Sustainable Markets Initiative

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions by 2050
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Net carbon neutral by the next fiscal year

Environmental Challenges

  • COVID-19 pandemic impacting project commissioning, payment delays, and decreased power demand
  • Risks and uncertainties in developing wind and solar energy projects (land acquisition, resource availability, grid infrastructure, financing, construction delays, PPAs)
  • Restrictions on solar equipment imports potentially increasing business costs
  • Adverse environmental conditions impacting wind and solar energy projects
  • Potential loss of key employees
Mitigation Strategies
  • Developed a detailed business continuity plan (prioritizing safety, flexible work arrangements, and short-term liquidity evaluation)
  • Scaled in-house capabilities for EPC and maintenance, investing in solar cell and module manufacturing
  • Conducting EIA before projects to understand local conditions and develop mitigation measures
  • Robust employee development and engagement strategy, including competency framework and training programs

Supply Chain Management

Responsible Procurement
  • Robust Supplier Code of Conduct and Audit manual; Supplier Guidelines requiring self-certification, financial statements, and certifications; supplier assessment questionnaire addressing ESG concerns; Vendor Rating Framework

Climate-Related Risks & Opportunities

Physical Risks
  • Increasing temperature, water unavailability, declining wind speed, sea level rise, extreme weather events
Transition Risks
  • Stricter regulations, market competition, technological changes, reputational risks
Opportunities
  • Growing demand for renewable energy, opportunities in hybrid solutions, green hydrogen

Reporting Standards

Frameworks Used: GRI Standards: Core Option

Certifications: ISO 14001, ISO 45001

Third-party Assurance: DNV GL Business Assurance India Private Limited

UN Sustainable Development Goals

  • SDG 4 (Quality Education)
  • SDG 5 (Gender Equality)
  • SDG 6 (Clean Water and Sanitation)
  • SDG 7 (Affordable and Clean Energy)

Lighting Lives program, ReNew Women India Initiative, community-based water management

Sustainable Products & Innovation

  • Round-the-clock power supply, peak power supply, battery energy storage systems, floating solar panels, hybrid power plants

Awards & Recognition

  • VC Circle Award Infrastructure Company of the Year, 8th India CSR Awards, The Asset Triple A Treasury, Trade, SSC and Risk Management Award, CII Northern Region Safety Award, CSR Health IMPACT Award, Solar Quarter awards, Stevie Award, Reuters Award, S&P Global Platts CSR Program of the Year award, ET Fastest Growing Companies, United Nations UN SDG Pioneer Global Award

Reporting Period: 2021-04 to 2022-03

Environmental Metrics

Total Carbon Emissions:468,262 tCO2e/year (Scope 1, 2, and 3)
Scope 1 Emissions:628 tCO2e/year
Scope 2 Emissions:35,334 tCO2e/year
Scope 3 Emissions:432,300 tCO2e/year
Renewable Energy Share:100%
Total Energy Consumption:166,535 GJ/year
Water Consumption:259,414 KL/year
Waste Generated:765 tonnes/year
Carbon Intensity:32.83 gCO2/kWh (Scope 1, 2, and 3)

ESG Focus Areas

  • Climate Change
  • Diversity & Inclusion
  • Governance
  • Community Welfare
  • Sustainable Supply Chain
  • Safety

Environmental Achievements

  • Avoided 11 million tCO2e of carbon emissions
  • Reduced energy consumption by 32%
  • Reduced Scope 1 and 2 carbon emissions by 8%
  • Saved 216,533 KL of water through robotic cleaning of solar modules
  • Achieved carbon neutrality for Scope 1 and 2 emissions for the second consecutive year

Social Achievements

  • Positively impacted over 650,000 lives through CSR programs
  • Generated 25,600+ jobs, directly and indirectly
  • Launched ‘Together We ReNew’ series to create awareness on sustainability
  • Improved gender ratio in the company, earning recognition from Great Place to Work

Governance Achievements

  • Established a Board-level ESG Committee
  • Implemented a focused ESG Policy
  • Achieved ISO 9001, 14001, and 45001 certifications
  • Disclosed Scope 3 GHG emissions for the first time
  • Aligned with TCFD recommendations

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions by 2050
Medium-term Goals:
  • Water positive
  • Zero solid waste to landfill
  • Source 100% of electricity through clean sources across all operations
  • Positively impact 2.5 million people through CSR initiatives
  • 30% women in the workforce
  • Zero human right violations across supply chain
Short-term Goals:
  • Carbon neutral (Scope 1 and 2) ongoing basis
  • Develop science-based targets (Scope 1, 2 and 3), validated by SBTi for net-zero emissions
  • Source 50% of electricity through clean sources across all operations
  • Pilot an all-women initiative/section across all manufacturing sites
  • Zero lost time injuries
  • 100% awareness on ESG amongst all employees
  • 100% of security staff to be trained on human rights
  • Zero incidence of human rights violations across operations
  • Board diversity policy for 30% female representation
  • Zero instances of anti- competitive behaviour, anti-trust and monopolistic practices
  • Link ESG performance with executive compensation
  • Mitigate ESG risks to ensure no critical ESG/sustainability risks (in ERM)

Environmental Challenges

  • Reputational and operational risk from proximity of projects to biodiversity-rich areas
  • Disposal of waste generated from end-of-life solar panels and wind blades
  • Restrictions on solar equipment imports
  • Loss of key employees
  • Inherent safety risks and hazards
  • Impact of climate change and extreme weather conditions
Mitigation Strategies
  • Installed ~23,000 bird diverters; no new projects planned in priority habitats
  • Developed comprehensive waste management guidelines; collaborating with IIT Mumbai on solar module recycling
  • Proactive steps to de-risk supply chain; building own manufacturing facilities
  • Robust employee development and engagement strategy
  • Strengthened safety systems; support from top management and external experts
  • Digitization measures to increase efficiency; collaborating with IIT Delhi on wind resource forecasting

Supply Chain Management

Supplier Audits: Third-party audits before qualification of new vendors; QHSE aspects audited.

Responsible Procurement
  • Sustainability Code of Conduct for suppliers
  • Rigorous vendor evaluation and quality control processes
  • Self-declarations from suppliers on compliance with ILO requirements

Climate-Related Risks & Opportunities

Physical Risks
  • Reduction in solar PV efficiency due to temperature rise
  • Water unavailability
  • Reduction in wind power output due to temperature and wind speed changes
  • Negative health impacts due to heat stress
  • Reduced availability of groundwater
Transition Risks
  • Restrictions on groundwater withdrawals
  • Effective waste management
  • Regulators'/Investors' climate-related disclosure requirements
Opportunities
  • Transition towards clean energy and low-carbon economy
  • Corporate PPAs
  • Competitive levelised cost of electricity and RE tariffs
  • Renewable energy certificates
  • Floating solar/offshore wind
  • Hybrid solutions
  • Setting up module production units
  • Utility-scale battery storage

Reporting Standards

Frameworks Used: GRI Standards: Core option, SASB (Solar Technology Project Developers, Wind Technology Project Developers, Electric utility sub-industry), TCFD, UNGC, UN Women Empowerment Principles

Certifications: ISO 9001, ISO 14001, ISO 45001

Third-party Assurance: DNV Business Assurance India Private Limited

UN Sustainable Development Goals

  • SDG 7 (Affordable and Clean Energy)
  • SDG 6 (Clean Water and Sanitation)
  • SDG 13 (Climate Action)
  • SDG 5 (Gender Equality)
  • SDG 8 (Decent Work and Economic Growth)

Initiatives such as Lighting Lives, ReWIN, Project Surya, and various CSR programs contribute to these goals.

Sustainable Products & Innovation

  • Green hydrogen
  • Round-the-clock clean energy projects
  • Energy storage solutions

Awards & Recognition

  • World Economic Forum’s Global Lighthouse Network
  • 5-star rating from EFQM
  • Sustainalytics ESG risk rating
  • Various other awards listed on page 102

Reporting Period: 2022-04 to 2023-03

Environmental Metrics

Total Carbon Emissions:1,051,106 tCO2e/year
Scope 1 Emissions:681.23 tCO2e/year
Scope 2 Emissions:33,565 tCO2e/year
Scope 3 Emissions:1,016,860 tCO2e/year
Renewable Energy Share:100%
Water Consumption:359,176 m3/year
Waste Generated:206 tons/year
Carbon Intensity:2.52 g CO2/kWh (Scope 1 and 2); 32.83 g CO2/kWh (Scope 1, 2, and 3)

ESG Focus Areas

  • Climate change
  • Emissions management
  • Environmental and social impact management
  • Biodiversity
  • Water management
  • Waste management
  • Sustainable supply chain
  • Workforce and employment practices
  • Diversity and inclusion
  • Safety
  • Community welfare
  • Social responsibility
  • Policy advocacy
  • Risk management
  • Ethical conduct
  • Financial performance

Environmental Achievements

  • 14.08 MTCO2 Emissions avoided (25% increase YoY)
  • 318,708 KL Water saved (48% increase YoY)
  • SBTi validated ReNew’s net-zero target by 2040
  • 60.54 CO2/kWh carbon intensity of electricity generation (92% lower than Indian power sector and 88% lower than global power sector)

Social Achievements

  • 14% Female employees (1.5X increase YoY)
  • 589,968 Hours of safety training conducted (112% increase YoY)
  • 4 Women directors on the Board, achieving 40% Board diversity
  • 1 Mn+ Lives impacted through CSR programmes

Governance Achievements

  • MSCI upgraded ReNew’s ESG rating to ‘AA’ from ‘A’
  • Secured an ESG risk rating of 11.6 (‘low risk’) from Sustainalytics
  • Achieved ‘B’ rating in CDP Climate Change and an ‘A-’ in Supplier Engagement Rating in 2022

Climate Goals & Targets

Long-term Goals:
  • Net-zero GHG emissions by 2040
  • Reduce absolute scope 1, 2, and 3 GHG emissions by 90% by FY 2039-40
Medium-term Goals:
  • Source 100% of electricity through clean sources
  • Net-zero target validated by SBTi
  • Validated as carbon neutral for our operations for the third consecutive year
  • Pilot an all-women initiative/section across all manufacturing sites
  • Zero lost time injuries
  • 100% awareness of ESG among all employees
  • 100% of security staff to get training on human rights
  • Zero incidences of human rights violations across operations
  • Positively impact 2.5 million people through CSR initiatives
  • 30% of women in the workforce
  • Zero human rights violations across the supply chain
  • 1 Million+ lives positively impacted through CSR initiatives
  • Board diversity policy for 30% female representation
  • Zero instances of anti-competitive behaviour, anti-trust, and monopolistic practices
  • Link ESG performance with executive compensation
  • Mitigate ESG risks, ensuring no critical ESG/sustainability risks (in ERM)
Short-term Goals:
  • Reduce absolute Scope 1 and 2 GHG emissions by 29.4% by FY 2026-27
  • Reduce absolute Scope 3 GHG emissions by 29.4% by FY 2026-27
  • Get validated as carbon neutral (Scope 1 and 2) on an ongoing basis
  • Source 50% of electricity through clean sources across operations
  • Water-positive
  • Zero solid-waste-to-landfill

Environmental Challenges

  • Impact of climate change and extreme weather conditions on operating efficiency and production
  • Reputational and operational risk from proximity of projects to biodiversity-rich areas
  • Disposal of waste generated from end-of-life solar panels and wind blades
  • Restrictions on imports affecting the price or availability of solar equipment
  • Inherent safety risks and hazards
  • Loss of key employees
Mitigation Strategies
  • Site-level Environmental and social impact assessment (ESIA)
  • Site-Specific mitigation measures
  • Bird Conservation efforts (installation of bird diverters)
  • Resource assessment studies
  • Digitisation measures to enhance efficiency
  • Collaboration with IIT Delhi for wind resource forecasting model
  • Setting up module manufacturing capacity
  • Avoiding direct procurement from Xinjiang and seeking self-declarations from Chinese solar module suppliers
  • Supplier Code of Conduct
  • Employee development and engagement strategy
  • Employee competency framework
  • Specialised training programmes
  • QHSE and ESG policies
  • ISO 45001 certification
  • Proactive measures to enhance safety systems

Supply Chain Management

Responsible Procurement
  • Sustainability Code of Conduct for suppliers
  • Stringent supplier assessment and quality control procedures
  • Supplier assessment questionnaire addressing ESG concerns
  • Vendor rating framework
  • Pilot project to use low-carbon footprint raw materials and zero-emission construction machinery
  • Encouraging suppliers to set emission reduction targets

Climate-Related Risks & Opportunities

Physical Risks
  • Impact of climate change on operating efficiency and production
  • Reduction in solar photovoltaic efficiency
  • Water unavailability
  • Reduction in wind power output due to change in temperature and wind speed
  • Negative health impacts due to heat stress
Transition Risks
  • Restrictions on groundwater withdrawals
  • Effective waste management
  • Regulator/investor’s climate-related disclosure requirements
Opportunities
  • Transition towards clean energy and low-carbon economy
  • Corporate PPAs
  • Competitive levelised cost of electricity (LCOE) and RE tariffs
  • Renewable energy certificates
  • Floating solar/offshore wind
  • Hybrid solutions
  • Setting up module production units
  • Utility-scale battery storage

Reporting Standards

Frameworks Used: GRI Standards (2021), SASB (solar technology project developers, wind technology project developers, and electric utility sub-industry), TCFD framework, UNGC, UNWEP

Certifications: ISO 9001, ISO 14001, ISO 45001, ISO 27001

Third-party Assurance: DNV Business Assurance India Private Limited

UN Sustainable Development Goals

  • SDG 6 (Clean Water and Sanitation)
  • SDG 7 (Affordable and Clean Energy)
  • SDG 8 (Decent Work and Economic Growth)
  • SDG 9 (Industry, Innovation and Infrastructure)
  • SDG 10 (Reduced Inequalities)
  • SDG 13 (Climate Action)

ReNew's initiatives contribute to these goals through various programs and operations.

Sustainable Products & Innovation

  • Round-the-clock clean energy
  • Peak power
  • Green hydrogen
  • Carbon markets
  • Renewable energy certificates
  • Storage

Awards & Recognition

  • Global Lighthouse Network recognition
  • MSCI ESG rating upgrade to ‘AA’
  • Sustainalytics ESG risk rating of 11.6
  • CDP Climate Change rating ‘B’
  • CDP Supplier Engagement Rating ‘A-’
  • Refinitiv rating of 81.2/100
  • Numerous other awards listed on page 128