Tata Power leads S&P Global’s ESG Score for Power Utilities in India
Tata Power has announced that it has secured the highest score among its peers in the Indian Power sector in S&P Global's recently released Corporate Sustainability Assessment (CSA) results.
Giving credence to the company's focus to become the most progressive and preferred green energy brand in India, Tata Power has fared well on all ESG parameters viz. Environmental, Social, and Governance. It has scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38.
The S&P Global CSA is an annual evaluation of companies' sustainability practices since 1999 and has been a credible reflection of companies' sustainability practices. In this assessment, over 10,000 companies from around the world were evaluated on industry-specific and financially material issues.
"We are happy to have achieved such encouraging scores in the S&P Global Corporate Sustainability Assessment. This is a testament to our continuous efforts towards building an organization that truly lives the credo of #DoGreen and is focussed on the transition to a clean energy-powered future," said Dr. Praveer Sinha, CEO & Managing Director, Tata Power.
ESG is the core focus for Tata Power and is integrated into the company's business strategy. It is the first power company in India to commit to 'Carbon Neutrality ' before 2045 and the only Indian Power company to co-create the first SDG roadmap for power utilities along with WBCSD and 10 other leading global power companies. It has also developed a clear roadmap to achieve Water Neutrality and Zero Waste to Landfills by 2030.
Tata Power has been a lead adopter of technology with a commitment to reduce carbon footprint and dependency on fossil fuel-based resources. The company has shifted focus to renewable generation and consumer-facing businesses that enable Indians to make green choices like solar rooftop, solar pumps, microgrids, EV charging, and home automation. It is also tapping into opportunities to create future-ready smart solutions and widening its distribution network and customer base.
Tata Power has identified key ESG focus areas viz renewable footprints, carbon emission, resource availability, waste management, and biodiversity. The Company is committed to setting its emission reduction targets in alignment with the Science-Based Targets initiative (SBTi).
Tata Power was assessed by ESG Risk Assessments and Insights Limited (ESG Risk. ai) and has been identified as a leading company on ESG disclosures in the Indian power sector. It has also been ranked among the top 10 on Sustainability & CSR Responsible Business ranking in the ET-Future scape 8th Sustainability Index Report. Tata Power secured the highest score in CRISIL's ESG Scores among its peers in the Indian Power sector.