ReNew Energy Global today announced that it was ranked among the top 10 renewable power companies in the world on ESG Risk Ratings.
ReNew has been rated as a ‘low risk’ company after a rigorous and thorough assessment process of its ESG risk exposure, management systems and performance. The company in a statement said that this rating is a testament to the best practices adopted by ReNew across its business operations.
Of the 14,900 companies rated by Sustainalytics, ReNew is placed in the top 8th percentile globally and in the 4th percentile within the utilities sector. ReNew has received a rating of 14.1, which signifies ‘Low Risk’ of experiencing material financial impacts from factors measuring ESG risk.
The ratings given by the global rating agency Sustainalytics are quantified as severe, high, medium, low, and negligible, and are derived by combining the concepts of management and exposure to arrive at an assessment of ESG risk. Sustainalytics’ ESG Risk Ratings provide a quantitative measure of unmanaged ESG risk faced by a company.
Commenting on the rating, Chairman and CEO of ReNew Energy Global, Sumant Sinha said, “The ESG Risk Rating provided by Sustainalytics highlights our focus and efforts on integrating sustainability across all our operations. We will continue to strive towards improving our ESG Risk Rating, by strengthening our efforts across environmental, social and governance parameters. We are planning to introduce a host of ESG initiatives including an alignment with the Task Force on Climate Related Disclosures (TCFD) for sustainability reporting, resolute movement towards carbon neutrality, bolstering our diversity and inclusion practices, and integrating ESG considerations across our value chain to drive sustainability”.
Vaishali Nigam Sinha, ReNew’s Chief Sustainability Officer, said, “This recognition is a matter of pride for us and recognizes our efforts over the last decade to build a clean energy business based on best-in-class sustainable practices. ReNew remains committed towards the cause of lowering India’s carbon emissions, which becomes even more important in the wake of the recent net-zero commitment made by the country’s Prime Minister at COP26.”