Diversified industrial group ITC has claimed to have met its goal of sourcing 50% of its energy requirements from renewable sources in the fiscal year 2023-24, seven years ahead of schedule.

The company said it now has an overall installed capacity of 205 MW of renewable energy assets spread across India. This includes two recently commissioned offsite solar power projects: a 13.5 MW facility in Uttar Pradesh and a 14.5 MW project in Karnataka.

ITC also reported an increase in its renewable energy share, jumping from 43% in the previous year to the current 50%, even as it expanded its manufacturing footprint and increased production across its diverse business portfolio.

The company has committed to meeting 100% of its entire energy needs from renewable sources by 2030. It aims to achieve a 50% reduction in specific emissions and a 30% reduction in specific energy consumption by 2030 over a 2014-15 baseline.

In its sustainability report, the company said 40 of its buildings have achieved a Platinum rating from LEED, and 12 ITC hotels and one data center have been certified as LEED Zero Carbon buildings, the company claimed.

In FY 2023-24 alone, investments in energy conservation equipment resulted in savings of 500 terra joules, helping ITC reduce its Scope 1 emissions and market-based Scope 2 emissions from the previous year due to increased renewable energy usage.

Scope 1 emissions are direct emissions from sources owned or controlled by a company, while Scope 2 emissions are indirect emissions from purchased energy.

The company’s Paperboards and Specialty Papers Division, which accounts for 85% of its total energy consumption, now sources 51% of its energy from renewables. The Branded Packaged Foods Business has reduced its specific energy consumption by 25% compared to FY 2018-19. ITC Hotels has already achieved its 2030 carbon emission targets as envisaged in the COP21 Paris Agreement.

The company said it remains committed to sourcing 100% of purchased grid electricity from renewable sources by 2030, reducing energy consumption by 30%, and cutting GHG emissions by 50%. The company also announced investments in green boilers at paper mills, widespread adoption of biomass boilers for thermal energy needs, and continuous expansion of renewable electricity assets.

In 2022, the company commissioned its first offsite solar project in Dindigul, Tamil Nadu. The 14.9 MW solar project was built with an investment of ₹760 million (~$10.14 million).