ReNew Pledges to Become Net-Zero by 2040

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by KnowESG

ReNew Energy Global PLC based in India announced its commitment to be a net-zero firm by 2040.

"ReNew Energy Global PLC announced its ESG (environmental, social, and governance) targets, including a commitment to hit net-zero by 2040 through its latest sustainability report for 2021-22," a company statement said.

According to the company, the 2040 pledge is 30 years ahead of India's 2070 plan and more ambitious than many global energy companies' net-zero targets.

It aims to cut GHG (greenhouse gas) emissions by 29.4% across all scopes by 2027. It also wants to reach a net-zero goal of a 90% decrease in all GHG emissions by 2040.

ReNew wants to do this through a comprehensive set of methods. These include increasing energy efficiency across offices and sites, procuring renewable energy, electrifying fossil-fuel-based equipment, analysing low-carbon-footprint raw materials, and exploring green logistics for transportation.

The company also promises to reach a larger set of ESG targets, such as water positivity, renewable energy procurement for operations, and zero waste to landfill.

These goals were announced in the recently issued sustainability report titled 'Partnering for Transition, Progressing Sustainably, Prospering Together'.

Sumant Sinha, Chairman and CEO ReNew Energy Global PLC, said:

"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.

"We have made our efforts stronger by forming global partnerships, including with businesses, to help reduce carbon emissions around the world in areas like energy storage, green hydrogen, and carbon markets."

Source: The Economic Times

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