Message from the Chairman “Greenko has committed to be a ‘Net Zero’ Company in Scope 2 by 2025 and Scope 1&2 in the next five years and in all scopes by 2040.”

Message from the Chairman

“Greenko has committed to be a ‘Net Zero’ Company in Scope 2 by 2025 and Scope 1&2 in the next five years and in all scopes by 2040.”

Dear Stakeholders,

The last two years are marked by climate-related events, across the world, such as excessive rainfall, floods, cloud bursts, drought, fires, hurricanes and tsunamis point to the inevitability of the planet hurting, and, ultimately becoming uninhabitable, unless urgent, collective, sensible, steps are taken on a global scale to prevent this. In tandem with this, we see across the board, increased Business and Investor engagement, by the expanding set of first movers’ coalition, Glasgow Financial Alliance for Net Zero and 1.5 Degrees Supply Chain Leaders. This is evidence that business and industry accept responsibility and sense an opportunity in climate mitigation and sustainable development action.

Consequent to India’s committed increase in the share of renewables in the electricity mix, there is acute awareness that this requires deep structural changes in regulation and policy, in technology and finance, in skills and in grid management, policy on production of green hydrogen, storage obligations for electricity generators and distributors, production-linked incentives, and a general all-round improvement in the entire related ecosystem. Greenko is an active participant in the thought and policy eco system that is working to enable this.

India is sensing an opportunity of becoming Energy Independent through electric and biogenic ZeroC fuels and “Make-in-India”, as global companies seek low carbon destinations. Interestingly, the national regulators across the globe are competing to attract the anticipated trillions in decarbonisation/green investments. The IRA bill of USA attracts green investments into their country; the Cross Border Adjustment Mechanisms aligns manufacturers and exporters in developing countries to global benchmarks. The complex labyrinth of emerging regulations across the globe and rapidly evolving technology developments and cost competitiveness landscape, presents both opportunity and risks to Greenko’s business. It is necessary to steer through this challenging environment and we, at the Board, are doing our best to address this.

Decarbonising Electricity

Greenko has committed to be a ‘Net Zero’ Company in Scope 2 by 2025 and Scope 1&2 in the next five years and in all scopes by 2040. Greenko also facilitates a smoother and effective transition of other businesses in India, especially in the hard-to-abate sectors, towards its ‘Race to Zero’. Towards this end, Greenko has made a strategic shift from being a mere renewable energy producer to being able to address the challenges of delivering reliable renewable power, on demand, through a balanced combination of Intelligent Energy Platforms and Pumped Storage Systems (PSP). The response from the Indian Industry to this solution is very encouraging. Some industries have gone beyond procurement of Carbon Free Energy but have also partnered or invested in co-creating the solution. Companies in the public sector too have shown trust and confidence in these cost-effective, reliable and low-carbon solutions and have invited multiple bids to procure “tailored renewable energy” with energy “storage” and “cloud”. As you are all aware, the first off-stream, grid-scale, long-duration-energy-storage project at Pinnapuram is expected to commence operation during the current financial year. This will herald large scale decarbonisation of the grid and many Industries, resulting in up to 50 million tonnes of CO2 emission reduction till 2030. Greenko team is relentlessly working towards meeting the timelines and global performance benchmarks, and the stakeholders viz., customers, regulators and the society are eagerly looking forward to successful outcome of this project. The risk committee and the Board are closely monitoring all developments.