ISS ESG places AGEL in ‘Prime’ B+ band for its high level of transparency
Ahmedabad, 15 June 2023: Adani Green Energy Limited (AGEL), India’s largest renewable power producer and the renewable energy arm of the diversified Adani portfolio, has been ranked First in Asia and among the top 10 companies globally in the renewable energy sector by ISS ESG.
AGEL has been placed in the ‘Prime’ (B+) band, recognizing its robust ESG disclosure practices and high level of transparency. This milestone takes AGEL a step closer to achieving its target of being rated among the top 10 ESG companies in the world in the electric utility sector by FY25. AGEL has already been ranked in the world’s top 10 companies in the Renewable Energy sector by Sustainalytics in FY23.
AGEL has the largest operating renewable portfolio in India with 8,216 MW. Its operations provide clear environmental benefits through its contribution to fighting climate change and by enabling transition to a more sustainable energy system. Relevant social and environmental risks are addressed through dedicated management systems.
AGEL strongly believes in embedding ESG principles at its core and in its business strategy. Adherence to these principles helps build resilience, transform culture, and create long-term value by systematically identifying opportunities, managing risks, and securing the interests of all our stakeholders. Being a pure-play renewable energy company, AGEL supports and contributes to India’s decarbonization goals by generating and supplying renewable energy to the grid. As a part of its vision to lead the sustainable energy future, it is committed to providing an ecologically leading solution to climate change, water scarcity, and the unsustainable growth in consumption of natural resources.
“At AGEL, there are four pillars to the ESG framework – guiding principles, policies, commitment and assurance – helping the company align with UN Global Compact, UN Sustainable Goals, India Business and Biodiversity Initiatives, Green Bond Principles, and IFC’s E&S Performance,” said Mr Vneet S Jaain, MD, Adani Green Energy Ltd. “Our policies are aligned with these guidelines and ESG targets have been set keeping these policies in mind. Our aim is to be among the top 10 companies of the world in the ESG benchmarking of the electric utility sector by FY25.”
The ESG Corporate Rating provides relevant and forward-looking ESG and performance assessments. Drawing on an overall pool of about 700 standard and industry-specific indicators, ISS ESG applies approximately 100 environmental, social and governance-related indicators for each of the ratings.
AGEL has implemented a group-wide health and safety management system, which is certified in accordance with ISO 45001 standards. There is a code of conduct for all employees as well as specific policies on whistleblowing and corruption.
Adani Green develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind projects. The electricity produced is supplied to central and state government entities and government-backed corporations. Contributing to India’s renewable energy dreams, the company is on track to achieve its target of 45 GW renewable energy capacity by 2030.