Sustainable Operations for Responsible Growth
In an increasingly evolving business landscape, marked by climate challenges, technological innovation and regulatory changes, the call for responsible business practices have never been more important. Our ESG journey is underpinned by ambitions to grow responsibly, rejuvenating the environment and creating long-term value for our stakeholders.
CSO Message
In FY 2025-26, AGEL continued to advance its purpose of delivering clean energy at scale while embedding sustainability at the core of our strategy and operations. Alongside accelerated renewable capacity addition, we strengthened climate resilience, sustained water positivity across our operational portfolio, and deepened biodiversity stewardship through nature-positive interventions at project sites. A key milestone during the year was our formal adoption of the Taskforce on Nature-related Financial Disclosures (TNFD), reinforcing our commitment to systematically identify, assess, and manage nature-related risks and opportunities in our project developments. We also enhanced community engagement mechanisms, prioritised safety, human rights and employee well-being, and upheld the highest standards of ethical governance and transparency through robust systems and independent assurance. Our consistent performance was reflected in strong leadership positioning across leading ESG ratings and assessments, underscoring the credibility of our sustainability approach.
As we scale responsibly to support India’s energy transition, FY 2025-26 reaffirms our focus on creating long-term value for stakeholders while contributing meaningfully to national and global climate and nature goals.
Looking ahead, we remain committed to deepening ESG integration across all facets of our business — embedding climate and nature considerations into project design, and value chain decisions, while strengthening data-driven disclosures in line with evolving global frameworks. We will continue to enhance risk management capabilities, accelerate innovation in sustainable operations, and scale impact initiatives to deliver measurable outcomes for communities and ecosystems.
Pankaj K Verma
Chief Sustainability Officer – AGEL
Vision
To be a world-class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation.
Purpose
Decarbonising the Nation’s Growth
Goals
- To be in Top 10 Companies of the World in ESG Benchmarking of Electric Utility Companies
- To achieve 50 GW Renewable Energy Capacity by 2030
Our ESG Approach
Environmental Responsibility
SDGs:
We have aligned our decarbonisation strategy with India’s Net Zero and clean energy goals. We are contributing to this through significant investments in renewable energy development and energy storage solutions to support India’s economic growth. In parallel, we prioritise resource efficiency, circular practices and biodiversity conservation & ecosystem restoration for positive environmental impact.
Social Responsibility
SDGs:
We invest in people through continuous upskilling and capability development programmes. We remain committed to cultivating safe and inclusive workplace grounded in health and safety, human rights and fair labour standards. We engage with supply chain partners to drive sustainable value chain impact. Beyond our operations, we actively empower the communities where we operate, through education, skill building, sustainable livelihood, health & nutrition initiatives, for shared growth.
Strengthening Trust and Accountability
SDGs:
Our ethical governance framework ensures accountability, transparency and responsible business conduct. Oversight to enterprise and sustainability risks is provided by our Board, its committees and executive management. Together, they drive implementation of sustainability strategies and policies across the organisation, focussing on continuous improvement. We provide timely and transparent disclosures to our stakeholders regarding our ESG performance.
AGEL’s ESG Value Creation Framework
Guiding Principles
Disclosure Standards
Policy Structure
- Environmental Policy
- Energy Management Policy
- Biodiversity Policy
- Resource Conservation Policy
- Sustainable Procurement Policy
- Water Stewardship Policy
- Climate Change Policy
- Policy on Human Rights & Diversity, Equity & Inclusion
- Corporate Social Responsibility Policy
- Policy on Prevention of Sexual Harassment
- Employee Grievance Management Policy
- Non-Discrimination & Gender Equality Policy
- Human Rights and Community Relations Policy
- Occupational Health & Safety Policy
- Stakeholder Engagement Policy
- Supplier Code of Conduct
- Policy on Board Diversity
- Code of Conduct
- Related Party Transaction Policy
- Anti-Corruption & Anti-Bribery and Conflict of Interest Policy
- Land Procurement Policy
- Policy on Material Subsidiary
- Insider Trading Policy
- Executive Remuneration – Malus and Clawback Policy
- Familiarisation Programme for Independent Directors
- Cyber Security Policy
- Data Privacy Policy
- Remuneration Policy
- Whistle Blower Policy
- Anti Slavery Policy
Sustainability Governance Structure
Our Sustainability Governance Structure
Oversight at the Board-Level
We have established a Board-level ESG Committee (i.e. Corporate Responsibility Committee (CRC)), comprising 100% Independent Directors, oversights ESG and climate risks, strategy and performance in line with the global benchmarks and evolving regulatory landscape. The Board is regularly apprised of material topics, risks and opportunities, ensuring that sustainability considerations are integrated into significant financial and strategic decisions, including capital allocation, budget planning, and mergers and acquisitions.
Oversight at the Management Level
AGEL’s Board has entrusted CEO with authority over the strategic and operational aspects of climate-related issues, sustainability performance. In transforming Board’s sustainability vision into measurable outcomes, the CEO is supported by the Chief Sustainability Officer, the ESG APEX Committee, functional heads, and the Chief Risk Officer, ensuring alignment and execution across the organisation.
Execution at Operational Level
At the ground level, operational execution and implementation of ESG initiatives is led by the cross-functional ESG Core Working Group, supported by the ESG Team.
Our ESG Ratings
Waterless Robotic Cleaning for Solar Panels
Awards and Recognitions in FY 2025-26
Ecopreneurs Honours Award for leading the way towards sustainable net-zero future by Times of India
CII Performance Excellence Awards 2025 for AGEL’s Kamuthi, AP, Hybrid, MP and Chhattisgarh plants
Best Wind Project award from the MNRE at the Mercom Renewables Summit 2025 for Khavda project
Won Gold category (highest category of recognition) as Water Stewardship and Clean Energy Champion at the Financial Express Green Sarthi Award 2025
‘Platinum Award’ in the Renewable Energy (Electric Utilities) at the Apex India ESG Excellence
ET Energy Leadership Award 2025, Energy Transition Award and recognised as Energy Company of the Year (Renewables)
Winner under ‘Highly Commended Projects’ in the Low Carbon Energy Generation category at the Global Energy Transition Awards 2025, hosted by Reuters Events in New York
Performance Against ESG Goals
Environmental
| KPIs | Performance in FY 2025-26 | Targets |
|---|---|---|
| Climate Change – Energy and GHG Emissions | ||
| Renewable energy operational capacity | 19.3 GW | 50 GW by 2030 |
| Green power adoption | 88% | 92% by 2030 |
| Operational GHG emission intensity | 17% | 55% reduction in operational GHG emission intensity (tCO2e/MWh) w.r.t. FY 2022-23 by 2030 |
| Adoption of Electric Vehicles in fleet | 51% | 65% by 2030 |
| Climate Change Risk Assessment | 100% | To be done for 100% operational locations (TCFD-aligned) |
| Resource and Waste Management | ||
| Water Stewardship | 55% | 50% reduction in operational water intensity (KL/MWh) w.r.t. FY 2022-23 by 2030 |
| Net Water Positive Operations | Achieved and Sustained for 100% operational plants (achieved in FY 2024-25) | To achieve and sustain Net Water Positive Operations for 100% operational plants by FY 2025-26 |
| ‘Single-use-Plastic-Free’ (SuP Free) | Achieved and Sustained for 100% operational plants (achieved in FY 2021-22) | To achieve and sustain SuP-free status for 100% operational plants |
| ‘Zero-Waste-to-Landfill’ Operational Sites (ZWL) | Achieved and Sustained for 100% operational plants (achieved in FY 2022-23) | To achieve and sustain ZWL status for 100% operational plants |
| Biodiversity and Nature | ||
| No Net Loss of Biodiversity | Progress on track towards achieving NNL by 2030 | Achieve No Net Loss of Biodiversity by 2030 (in alignment with IBBI) |
| Tree Plantation | Planted 87,495 trees during FY 2025-26 and cumulatively 3,45,694 trees till FY 2025-26 | Plant 27.86 lakh trees by FY 2029-30 as part of the Chairman’s commitment to growing 100 million trees by 2030 |
| ESG Ratings | ||
| ESG Ranking in Electric Utility/RE Sector | Part of Top 10 companies on ESG Benchmarking by 7 Global/Indian ESG Rating Agencies | Rank among the Top 10 global companies |
Social
| KPIs | Performance in FY 2025-26 | Targets |
|---|---|---|
| People, Health and Safety | ||
| Women representation of workforce | 3.5% | Increase Gender Diversity to 10% by FY 2029-30 |
| Zero Harm, Zero Leak | 0.24 LTIFR | Zero |
| Responsible Supply Chain | ||
| GHG Suppliers’ Engagement Programme for decarbonisation of value chain | 100% | 100% critical and important manufacturing suppliers to be engaged by FY 2025-26 |
| ESG evaluation of suppliers | ESG screening/evaluation completed for 100% critical & important manufacturing suppliers and manufacturing suppliers at the time of onboarding | ESG screening/evaluation of 100% manufacturing suppliers to be completed by FY 2025-26 |
| Cases of violation of the Code of Conduct | Zero | Zero |
| Cases of discrimination and sexual harassment | Zero | Zero |
| Cases of human rights violations | Zero | Zero |
Governance
| KPIs | Performance in FY 2025-26 | Targets |
|---|---|---|
| Corporate and ESG Governance | ||
| Board Gender Diversity | 10% | 30% by FY 2027-28 |
| Board Independence | 50% | 60% by FY 2027-28 |
| Manufacturing suppliers covered under a reputational DD check (%) | 100% | 100% |
| ESG Standard implementation at AGEL (%) | 100% | 100% |
| Operations assessed for breaches of Corruption, CoC and Human Rights (%) | 100% | 100% |
| ESG upskilling for Board of Directors (%) | 100% | 100% |