Adani Green Energy Ltd (AGEL), the world's largest solar power developer and the renewable energy arm of the diversified Adani Group, has received approval for being a member of the GRI South Asia Charter on Sustainability Imperatives.
AGEL had initiated this pursuit in response to a call from GRI by becoming a signatory to the GRI South Asia charter in April 2021. Firming up its commitment, the company has now submitted a declaration with clearly identified UN Sustainable Development Goals (SDG) where it can make an impact in following years. These SDGs are aligned with AGEL's sustainability strategy and show its measurable impact.
Organizations that sign up to the GRI Charter agree to uphold three principles:
- Compliance: Adhere to all applicable national and sub-national laws and regulations wherever they operate.
- Ethics and governance: Act with the highest ethical standards and integrity, taking decisions and implementing actions in good faith.
- Transparency and disclosure: Make public their performance on economic, environmental and social dimensions.
"AGEL is committed to ramp up its sustainability performance and build credibility as an effective corporate citizen while strengthening internal data management and reporting systems," said Mr Vneet S Jaain, MD & CEO, AGEL. "Sustainability is integrated into the business and is evident at each stage of the project cycle. Being a pure play renewable energy company, our business goals are in line with climate change concerns and global efforts to mitigate its impacts. Going beyond the obvious advantages of the green business, we have taken many initiatives to make this a responsible corporate organisation."
Aditi Haldar, Director of GRI South Asia, said: "The GRI South Asia Charter commits organizations to increase their engagement in support of sustainable development, acting as a catalyst for responsible business practices. I am delighted that AGEL has committed to the aims of the Charter. I would encourage other organizations in India and the wider region to join with us and work together in support of a sustainable future for all."
Understanding the three SDGs where AGEL is set to make an impact:
SDG 7 which entails access to affordable, modern, and clean energy for all which is essentially reliable and sustainable. To achieve SDG 7, the average tariff across the portfolio will be lower than the national APPC. The cost reduction will be achieved by improvement of technology, optimisation of resources using IoT and machine learning related digital interventions.
SDG 9 has a more investment appetite which calls on to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation, to achieve the ambitious goal of renewable capacity addition by keeping the average tariff below national level. In addition, many digital interventions like IoT, machine learning and innovations are in the pipeline. Digitalisation is perceived as the key to future-ready remote operations, improved efficiencies, resource optimisation and energy efficiency, leading to cost reduction and keeping tariffs competitive.
SDG 13 encourages companies to take urgent action to combat climate change and its impacts. AGEL has announced a target of having operating renewable energy generation capacity of 45 GW by 2030. AGEL has aligned its operations and capex plans to meet these objectives. Through these measures, the company is committed to mitigate climate change and contribute to global sustainable development goals. In our journey towards this goal, we displaced 14.64 million tCO2 until March 2021.
The GRI South Asia Charter on Sustainability Imperatives - a unique creation by GRI South Asia Hub - is a clarion call for decision and action for business and its stakeholders. It is anchored to a framework of transparency and disclosure, as enshrined in the GRI Standards, and provides an ameliorating way out of the climate change quagmire. Given the Covid-19 recovery context, it is essential to focus on the SDGs and respond to the call to build back better while keeping in mind the underlying principle of leaving no one behind. The Charter serves as an important stimulus to implement sustainability-oriented imperatives that help to realise the UN Sustainable Development Goals by the end of the current decade.
Shares of Adani Green Energy Limited was last trading in BSE at Rs. 2024.60 as compared to the previous close of Rs. 1951.95. The total number of shares traded during the day was 44055 in over 5313 trades.
The stock hit an intraday high of Rs. 2051.80 and intraday low of 1966.50. The net turnover during the day was Rs. 88921240.00.
Source : Equity Bulls