70% of India’s top 100 corporates are moving towards Renewable Energy | WWF India

70% of India’s top 100 corporates are moving towards Renewable Energy

Posted on
30 May 2019
MumbaiIndia has set ambitious targets of 175GW of RE by 2022 to promote renewable energy, which has significantly accelerated the pace of renewable energy in the country, with businesses making strong efforts to procure it. A new WWF-India report, ‘Renewable Energy Demand in India: Corporate Buyers’ Perspective’, published today outlines the magnitude of this demand and its role in increasing renewable energy uptake in India.
 
The report was launched by Mr. Jamshyd Godrej, Chairman, Godrej & Boyce in Mumbai at a WWF-India and The Climate Group event, Enhancing Corporate Renewable Energy Demand in India. “The report provides the outlook of corporate renewable energy buyers, highlighting the increase in corporate RE procurement trends, the rationale for these commitments, and also the challenges they are facing in RE uptake,” he said.
 
At the launch, Mr. Gireesh Pradhan, Former Chairman, Central Electricity Regulatory Commission and former Secretary MNRE said, “India has doubled its RE capacity in the last three years due to many factors, led by ambitious renewable energy targets, proactive policies, private sector participation, which have led to a rapid transformation of the electricity sector.”
 
According to the report, corporates constitute over 50% of India’s electricity demand. They are procuring RE through captive generation, power purchase agreements, or purchase of Renewable Energy Certificates (RECs), voluntarily or for compliance reasons.
 
Speaking at the launch, Mr. Ravi Singh, Secretary General and CEO, WWF-India, said, “The corporate sector has a critical role to play in supporting the sustainable growth of the economy, and for India to achieve its ambitious renewable energy targets. About 70% of the top 100 companies on the NSE are already procuring RE, 27% have made greenhouse gas commitments, and 22% have made renewable energy commitments.”
 
Decreasing costs of RE in recent years compared to the tariffs charged by DISCOMs is the primary driver for RE demand according to this report. “However, while the business case is strong, for procuring RE, 50% of the companies interviewed, identified policy and regulatory challenges, 30% mentioned infrastructural and technical issues and 15% identified financial barriers, restricting corporate renewable energy uptake”, said Ms Bhavna Prasad, Director, Sustainable Business, WWF-India.
 
Mr Jarnail Singh, India Director, The Climate Group, said “It is encouraging to see that an increasing number of corporations are aiming at nothing less than 100% renewable electricity and want the government to enable this transition. The Climate Group is confident that the government will support in decarbonising the economy.”
 
The report also makes recommendations to corporates and policy makers. It advises corporates to set ambitious and long term RE targets that are based on a comprehensive GHG reduction framework, linked to current climate science, such as Science Based Targets.
 
It advises policy makers and regulators to provide long-term policy and regulatory stability, focus on storage and enable greater choice and flexibility in procuring RE, such as unbundled power through Discoms, exchanges at preferential/direct contract basis. This would not only propel greater uptake of RE in India, but also generate greater business for the Discoms, while reducing the chances of them losing existing customers. 
 
In order to address these issues and develop solutions, WWF-India, in partnership with Confederation for Indian Industry (CII), launched Renewable Energy Demand Enhancement (REDE) initiative for corporate RE buyers. REDE Initiative aims to build an alliance among corporate buyers to increase commitment for renewable energy procurement and catalyse solutions to address challenges that are significantly restricting demand.
 
Notes to the Editor:
WWF's Renewable Energy Demand Enhancement (REDE) Initiative for Commercial & Industrial (C&I) consumers aims to build an alliance among corporate buyers to increase commitment to renewable energy (RE) procurement and catalyse solutions to address challenges that are significantly restricting demand. REDE Initiative is targeted to C&I consumers who wish to adopt large-scale RE for long-term financial benefits and to meet their sustainable development goals. WWF-India seeks to facilitate greater uptake of RE in India through climate, business and policy engagement. WWF-India has been partnering with the Confederation of Indian Industry (CII), for the REDE initiative.
 
RE100 is a global corporate leadership initiative bringing together influential businesses committed to 100% renewable electricity. Led by The Climate Group in partnership with CDP, RE100’s purpose is to accelerate change towards zero carbon grids, at global scale. The initiative works to increase corporate demand for – and in turn supply of – renewable energy.
 
About The Climate Group:
The Climate Group’s mission is to accelerate climate action to achieve a world of no more than 1.5°C of global warming and greater prosperity for all. We do this by bringing together powerful networks of business and governments that shift global markets and policies. We focus on the greatest global opportunities for change, take innovation and solutions to scale, and build ambition and pace. We are an international non-profit organisation, founded in 2004, with offices in London, New Delhi and New York.

For further details, please contact:  
Rituparna Sengupta                                 
Associate Director, Marketing & Communication
rsengupta@wwfindia.net
011-41504797 

Akriti Paracer
Senior Programme Officer, Communication, Sustainable Business 
aparacer@wwfindia.net
011-41503429
 
Shashwat Raj
Communications Manager
sraj@theclimategroup.org
Visit TheClimateGroup.org 
Follow us on Twitter @ClimateGroup

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