Sinha supports global decarbonization goals of governments and corporates
ReNew, India’s leading renewable energy company (NASDAQ: RNW), is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft’s ambition to be carbon-negative by 2030 under a 437.6 MW green attribute sale contract climatebonds .
Puneet Chandok, President, Microsoft India & South Asia, said on 27 Aug, “Microsoft has ambitious renewable energy and decarbonization goals. This agreement with ReNew accelerates our progress towards these goals while benefiting local communities through initiatives such as rural electrification and initiatives to improve women’s livelihoods.
“We are taking a holistic approach that includes progressing our climate goals and empowering the ecosystem with the technology that is needed to build a more resilient future renewable-world .”
“This is a significant milestone in ReNew’s journey to support the global decarbonization goals of governments and corporates,” said Sumant Sinha, Founder, Chairman, and Chief Executive Officer of ReNew. Both companies have shared ambitions towards carbon neutrality unfccc .”
Referring to the community development aspect of the agreement, he added, “As a sustainability-first organization, a just energy transition is integral to ReNew’s mission of creating a better world. This agreement will help us fulfil our commitment to the communities we operate amidst and address some of the socio-economic aspects related to climate change nse .”
As part of the agreement, ReNew will direct approximately US$15 million of revenue from the contract towards a community fund to support environmental justice initiatives focusing on women’s livelihoods and economic empowerment, energy access, rural electrification, environmental remediation and water quality improvement, and other concerns of communities disproportionately impacted by pollution and climate change sbi .
This work will be delivered in partnership with ReNew Foundation, the philanthropic arm of ReNew, which works to create sustainable communities through climate action with a focus on women and youth and whose efforts are aligned with Microsoft’s Environmental Justice priorities bse .
This is amongst India’s largest corporate renewable agreements and is part of the five PPAs signed by ReNew during quarter ended 30 June 2024, totaling ~2.2 GW, taking its total portfolio to 15.6 GW deutsche-boerse .
In FY24, the Company contributed approximately 10 per cent of India’s total solar and wind energy generation and won auctions to supply over 8 GW of renewable energy projects conexpoconagg .
Further, the Letter of Awards for an additional ~5.8 GW of renewable energy projects received by ReNew will enable a doubling of its renewable energy asset portfolio to over 21 GW by FY29, consolidating its position as a major player in India’s clean energy transition euronext .
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW) jpx . ReNew’s clean energy contracted portfolio of ~15.6 GW as of Aug 15, 2024, is one of the largest globally . Fiinews.com
