Adani Energy Solutions Limited ("AESL"), part of the globally diversified Adani portfolio, the largest private transmission and distribution company in India, has been moving places in its quest to be within top notch rated companies in ESG (Environment, Social, & Governance) ratings. The company with its growing energy solutions portfolio today revealed its July-September 2023 (Q2FY24) ESG performance ratings by various third-party firms, where the company improved its performance over multiple parameters.
AESL, which had rebranded itself from Adani Transmission Limited w.e.f. July 27, 2023, in line with its strategic move and unwavering commitment to broader & benign Energy Solutions including pursuits to environmental, social, and governance (ESG) principles, has received an impressive score of 86% from CSRHUB, a leading global ESG performance rating agency. AESL's score surpasses the Electric & Gas Utilities industry average done amongst among 911 global companies.
In addition, Sustainalytics, a global leader in ESG research and data and serving the world's leading institutional investors and corporations, has awarded AESL an ESG Risk Rating of 31.5, outperforming the global Electric Utility Industry average of 32.1 (a lower score indicates a better risk profile). This achievement places AESL in the esteemed Global Top 40 of the Electric Utility Industry, a testament to AESL's commitment to environmental stewardship and social responsibility.
Furthermore, MSCI has assigned AESL a stable ESG rating of 'BBB', underscoring AESL's dedication to robust ESG performance. MSCI (Morgan Stanley Capital International) is a leading global provider of stock market indices and portfolio analytics tools used by investors to track and assess the performance of financial markets and investment portfolios.
FTSE (Financial Times Stock Exchange), a renowned global index provider, has reaffirmed AESL's status as a constituent of the FTSE4Good index series, accompanied by a notable improvement in our ESG score from 3.3 to 4. This places AESL well above the global electric utilities sector average of 2.7. Additionally, AESL's governance score stands at an impeccable 5/5, with a social score of 4/5 and an environment score of 3.3/5, further highlighting its commitment to ethical business practices.
AESL is proactively gearing up to meet the latest Business Responsibility and Sustainability Reporting (BRSR) requirements, as stipulated by SEBI. AESL is well on track to achieve UN Energy Compact goals, including a target of 60% renewable energy (RE) share in bulk energy procurement by FY27, with the current RE share already reaching at 38%. Furthermore, AESL is making significant strides in reducing GHG (greenhouse gas) emission intensity, aiming to achieve a 40% reduction from the FY19 baseline by FY25.
AESL has been a significant contributor of building transmission corridors connecting RE generation to the national grid through such dedicated green corridors. AESL has a portfolio of operational transmission projects and several others in various stages of construction in other parts of the country for the evacuation of renewable power.
In addition to these accomplishments, AESL is proud to announce that under its 1t.org commitment, it has planted 24.3 million mangroves and 3.28 million trees, demonstrating its dedication to reforestation and environmental conservation. Overall, the Adani Group has committed to plant 100 million trees by 2023, of which ~30 million are already planted.
"We are proud of these remarkable achievements and remain dedicated to driving sustainable change in our industry and beyond to be a torch bearer of this benign cause and be within top 10 companies in global context," stated Mr. Anil Sardana, Managing Director, AESL.
Shares of Adani Energy Solutions Limited was last trading in BSE at Rs. 741.05 as compared to the previous close of Rs. 747.55. The total number of shares traded during the day was 51861 in over 3259 trades.
The stock hit an intraday high of Rs. 747.55 and intraday low of 737.95. The net turnover during the day was Rs. 38511298.00.