ReNew Energy Global Plc has released its inaugural Annual Integrated Report for the fiscal year 2023-2024, showcasing its prominent position in the clean energy sector. The report underscores ReNew’s dedication to exceeding regional reporting standards and advancing global reporting practices.
For the first time, the company revealed that an impressive 97.79% of its capital expenditures align with the EU Taxonomy—a framework defining the requirements for economic activities to achieve a net-zero emissions trajectory by 2050.
In light of the company’s plans to significantly expand its operations, ReNew’s founder, chairman, and CEO Sumant Sinha stated that the company is keen on substantially growing its business within India. Simultaneously, ReNew aims to make strategic investments in select international markets.
The company conducted a Double Materiality Assessment for FY 2023-2024, evaluating the financial and non-financial impacts on people, society, and the environment. During FY 2023-2024, ReNew accomplished two major milestones: it surpassed 10 GW of cumulative installed capacity across its portfolio and reported a consolidated net profit of Rs 4,147 million (approximately US$ 50 million).
Vaishali Nigam Sinha, Co-Founder and Chairperson of Sustainability, highlighted that ReNew is well-positioned to support India’s low-carbon development goals and remains committed to achieving net-zero emissions by 2040. The company reported a reduction of 16 million tonnes of CO2e emissions, representing less than 0.6% of India’s total carbon emissions. Compared to the baseline year of FY 2021-2022, ReNew achieved roughly a 10% decrease in Scope 1 and 2 emissions for FY 2023-2024.
For the fourth consecutive year, ReNew attained carbon neutrality for both Scope 1 and Scope 2 emissions. Additionally, the company has reinforced its commitment to fostering a safe and inclusive corporate environment by earning the Great Place to Work recognition in Asia for the fourth year in a row. The company also boasts an employee gender diversity rate of around 14%, with women making up approximately 10% of its STEM workforce.
ReNew Energy Global Plc is a leading player in the clean energy sector, specializing in renewable energy solutions to support a sustainable future. With a commitment to surpassing regional and global reporting standards, ReNew focuses on expanding its operations both in India and internationally. The company is dedicated to achieving net-zero emissions by 2040 and has demonstrated significant progress in carbon reduction and sustainable practices.
