REC Bags SKOCH ESG Award 2024

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REC-wins-SKOCH-ESG-Award-2024-in-Renewable-Energy-Financing-Category
REC wins SKOCH ESG Award 2024 in Renewable Energy Financing Category (Image Credit: Pib)

REC Limited, a prestigious Maharatna Central Public Sector Enterprise under the Ministry of Power and a renowned Non-Banking Financial Company (NBFC), has been honored with the esteemed SKOCH ESG Award 2024 in the category of ‘Renewable Energy Financing.’ This recognition highlights REC’s unwavering commitment to sustainable financing, which is instrumental in fostering a greener future and expediting the global transition to renewable energy sources. The award was presented to Shri T.S.C. Bosh, the Executive Director of REC Limited, at a ceremony held in New Delhi.

Over the years, the company has emerged as a pivotal player in India’s clean energy transition, actively contributing to the nation’s sustainable development goals. Through a myriad of initiatives and accomplishments, REC has pledged its support to numerous sustainable projects and has signed various Memorandums of Understanding (MOUs) for green initiatives. Additionally, the company has actively engaged in constructive dialogues with various developers involved in green projects across diverse sectors such as solar, wind, Pumped Storage Projects, E-mobility, Renewable Energy (RE) manufacturing, green ammonia and green hydrogen, and battery storage solutions.

Looking towards the future, REC envisions a substantial expansion of its renewable energy portfolio, with forecasts indicating a growth of up to 10 times its current value, exceeding Rs. 3 lakh crores by 2030. This growth trajectory is expected to represent approximately 30% of its Assets Under Management (AUM), signifying REC’s steadfast commitment to sustainable financing and renewable energy initiatives. The SKOCH ESG Awards are a testament to REC’s outstanding performance in Environmental, Social, and Governance (ESG) practices.

These awards play a pivotal role in recognizing organizations’ dedication to sustainable practices and serve as a benchmark for evaluating their commitment to India 2047. By emphasizing the correlation between sustainable investments and operational processes, the SKOCH ESG Award and Assessment highlight the crucial role of sustainable practices in shaping a resilient and sustainable business landscape for the future.REC, a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, is recognized by the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).

The organization funds the complete power infrastructure sector, including Generation, Transmission, Distribution, Renewable Energy, and cutting-edge technologies such as Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen, and Green Ammonia projects. In addition to the power sector, REC has expanded into the Non-Power Infrastructure sector, including Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works for sectors like Steel and Refinery.

REC Ltd offers loans of various tenures to State, Central, and Private Companies for building infrastructure assets in India. The company continues to play a crucial strategic role in the Government’s flagship schemes for the power sector and has served as a nodal agency for initiatives such as Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme, which have led to the strengthening of the last-mile distribution system, achieving 100% village electrification, and household electrification across the country.

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