ReNew Power, India-based renewable energy company, has announced its commitment towards attaining net-zero greenhouse gas emissions by 2050. The company aims to help address the global climate crisis and lead the world’s transition to a low carbon economy. ReNew’s pledge aligns with the ‘Race to Zero’ campaign – the largest ever global alliance committed to achieving net-zero carbon emissions.
Speaking about the campaign, Sumant Sinha, Founder, Chairman, and Chief Executive Officer of ReNew Power, said, “As one of India’s leading renewable energy companies, ReNew Power is committed to tackling climate change by identifying, assessing, and managing climate-related risks and opportunities.”
“By extending our support to the ‘Race to Zero’ campaign, we aim to stabilize global emissions by 2050 and create opportunities for low carbon innovations that will drive the transition to a low carbon economy and spur the investment and innovation needed to make the net-zero goal attainable. We endeavor to embed sustainability in the ethos, strategies, and practices of our organization, as well as in product design, to secure sustainable economic growth and prosperity for all.”
The ‘Race to Zero’ initiative attempts to rally leadership and support from businesses, cities, regions, and investors for a healthy, resilient, zero-carbon future that prevents future threats, creates jobs, and unlocks inclusive, sustainable growth.
Representing 471 cities, 23 regions, 1,675 businesses, 85 of the biggest investors, and 569 universities, the drive mobilizes a coalition of leading net-zero initiatives. With the objective to build momentum around the shift to a decarbonized economy ahead of COP26, the campaign intends to communicate to governments a resounding signal of businesses, cities, regions, and investors that are united in meeting the Paris Agreement and creating a more inclusive and resilient economy.
The independent power producer aims to commission 4.5 GW of under-development renewable capacity over the next two years. It also plans to add around 8.5 to 9 GW of capacity to its renewable projects’ pipeline over the next two years.
The plans follow the company’s announcement of signing a business combination agreement with RMG Acquisition Corporation II, a special purpose acquisition company (SPAC), to become a public company.