ReNew pledges to be net-zero firm by 2040

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ReNew Energy Global PLC on Monday 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.

The 2040 commitment is 30 years ahead of India’s 2070 target and more ambitious than net-zero targets of many global energy companies, it claimed.

It aims to reduce GHG (green house gases) emissions by 29.4 per cent across all scopes by 2027. It is also eying net-zero target of reducing GHG emissions by 90 per cent across all scopes by 2040.

ReNew intends to achieve this through a comprehensive programme of measures. These include energy efficiency improvements across offices and sites, clean energy procurement, electrification of fossil-fuel-based equipment, evaluating low-carbon footprint raw materials, and exploring green logistics for transportation.

The company is also pledging to meet a broader range of ESG goals including water positivity, renewable energy procurement for its operations and zero waste to landfill.

These targets were declared as a part of the recently released sustainability report titled 'Partnering for transition, progressing sustainably, prospering together'.

"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 amplified our efforts with global partnerships including business partners for global decarbonization in areas such as energy storage, green hydrogen, and carbon markets," Sumant Sinha, Chairman, and CEO ReNew Energy Global PLC, said.