ReNew Energy Global plc has announced that it was ranked in the top 10 renewable power companies among 78 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. This rating is a testimony 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 8 percentile globally and the top 4 percentile within the utility sector among 666 companies. ReNew has received a rating of 14.1, which signifies 'low risk' of experiencing material financial impacts from factors measuring ESG related 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 stated, "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, the 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."