ReNew Power pledges to achieve net zero emissions by 2050

The country’s biggest renewable energy power producer ReNew Power has committed to become a net zero emissions by 2050, the company said in a statement on Thursday.

It became the first renewable energy company in India to announce such plans.

ReNew said that they hope to stabalise global emissions by 2050, and lead the transition to a low-carbon economy.

“As one of India’s leading renewable energy companies, ReNew Power is committed to tackling climate change by identifying, assessing and managing climate related risks and opportunities,” said Sumant Sinha, founder, chairman and chief executive officer of ReNew Power.

“We endeavour to embed sustainability in the ethos, strategies and practices of our organization, as well as in product design, to secure sustainable economic growth and prosperity for all,” the first-generation entrepreneur added.

Achieving net zero emissions would require the harmful emissions to be offset by increasing forest coverage, among other green initiatives, thus resulting in carbon neutrality.

Having a total capacity of 10 GW, the Goldman Sachs-backed ReNew will list in the US using a special purpose acquisition company (SPAC), at a valuation of $8 billion.

ReNew’s net zero emissions announcement comes in the midst of US Climate Envoy John Kerry’s 3-day visit to New Delhi. India is the only major greenhouse gas emitter not to commit to any such targets.

There was speculation that Kerry’s visit might lead Prime Minister Narendra Modi to announce an initiative at the Major Economies Forum, hosted by President Joe Biden on April 22, which happens to be Earth Day.

READ  Banks may be given incentive to extend loans in backward areas: RBI Dy Guv MK Jain

The US hopes to achieve net zero emissions by 2050, while China has set the same target by 2060.



Please enter your comment!
Please enter your name here