In a significant move towards a sustainable future, REC Limited has announced its plans to increase its renewable energy loan book to around 30% of its projected ₹10 lakh crore loan book by 2030. This ambitious target was revealed by Shri Vivek Kumar Dewangan, Chairman & Managing Director, REC Limited, during the company’s 55th Annual General Meeting (AGM) held via video conferencing.
Net Zero Plan in the Works
To achieve this goal, REC Limited has established a baseline for its carbon footprint, which will enable the company to plan emission mitigation strategies and eventually lead to its Net Zero Plan. The company is committed to achieving operational efficiency, upholding social responsibility, and maintaining the highest governance standards as it leads the way in the NBFC sector on its ESG journey.
ESG Performance Report Released
On this occasion, the Board of Directors released REC’s first Sustainability Report, aligned with the Global Reporting Initiative (GRI) Universal Standards 2021. This report outlines the company’s Environmental, Social, and Governance (ESG) performance, demonstrating its dedication to sustainable practices.
Future-Proofing the Business
With a robust loan book of ₹5.09 lakh crore and a Capital Adequacy Ratio of 25.82%, REC Limited is well-positioned to achieve its sustainability goals. The company’s focus on renewable energy and ESG performance will ensure its continued growth and success in the years to come.
