ReNew Announces Clinton Global Initiative Commitment to Business-Driven Clean Energy and Education in India
ReNew Energy Global Plc ("ReNew") (Nasdaq: RNW, RNWWW), India's leading decarbonization solutions company, has announced the launch of its Clinton Global Initiative (CGI) Commitment to Action by tackling two of the toughest barriers to the renewable energy transition - clean energy production and youth education. This news was shared at the CGI 2023 Meeting in New York.
As India transitions to renewable energy, it grapples with the issue of increasing base load capacity through use of renewable energy resources. Currently, the average wind or solar plant in India generates no more than 25-30 percent of its potential energy output annually. In response to this challenge, ReNew is setting up India's first Round-The-Clock (RTC) project, capable of providing uninterrupted power to the energy grid. Energy storage solutions will be incorporated into the project, boosting the annual energy generation 80 percent.
ReNew, through its philanthropic arm ReNew Foundation, will also engage with middle school-age students in clean energy education and awareness through ReNew's Young Climate Leaders Course. Because middle school is when many students begin to understand the science behind clean energy technologies. The initiative will focus on educating these students through a variety of efforts that empower and inspire them to lead a lifestyle for a positive environment.
"The clean energy transition in India is underway and the country has made great progress in working toward its net-zero targets," said ReNew's Co-founder and Chairperson Sustainability, Vaishali N Sinha. "This Commitment to Action highlights ReNew's increased focus on driving climate ation through investment in both the business and education of renewable energy. By investing in these areas, we will not only accelerate the country's transition to clean energy but empower the next generation to create a sustainable lifestyle."
ReNew will invest more than $1 billion into the RTC projects that are currently under construction in four locations across three states in India. These projects will be completed in 2024. As part of its commitment, ReNew will secure a supply of 400 Mw for household consumption as well as for Indian railways. Additionally, over the next two years, ReNew will roll out a phased approach to climate advocacy and education, modeled on core principles of Prime Minister Modi's call for 'LiFE' (i.e. Lifestyle for Environment). This program will include a baseline assessment of current knowledge, executing climate-focused activities such as sanitation drives in villages, developing smart classrooms and digital labs, and instituting a third-party-based behavior change study. It will focus on 200 schools in select states in India with a potential impact of 10,000 students.
ReNew is India's leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of approximately 13.7GW on a gross basis as of June 30, 2023, is one of the largest globally. In addition to being a major independent power producer in India, ReNew provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.
About the Clinton Global Initiative (CGI)
Founded by President Bill Clinton in 2005, the Clinton Global Initiative is a community of doers representing a broad cross section of society and dedicated to the idea that we can accomplish more together than we can apart. Through CGI's unique model, more than 9,000 organizations have launched more than 3,900 Commitments to Action - new, specific, and measurable projects and programs.