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NEW DELHI: Tata Power has secured the highest environment, sustainability and governance (ESG) score among its Indian peers in S&P Global’s recently released Corporate Sustainability Assessment (CSA) results.
“Giving credence to the company's focus to become the most progressive and preferred Green energy brand in India, Tata Power has fared well on all ESG parameters viz. Environmental, Social and Governance. It has scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38," Tata Power said in a statement on 7 January.
Consumer goods companies, those in carbon businesses, and even state governments have been trying to board the ESG bandwagon, with the ratings affecting the very nature of the way business is done, Mint has reported earlier. ESG bonds, too, have taken the financial world by storm.
“The S&P Global CSA is an annual evaluation of companies' sustainability practices since 1999 and has been a credible reflection of companies’ sustainability practices. In this assessment over 10,000 companies from around the world were evaluated on industry-specific and financially material issues," the statement said.
At the COP 26 summit, held in Glasgow in November, Prime Minister Narendra Modi pledged to increase India’s non-fossil fuel power generation capacity to 500 GW and meet 50% of its energy requirements from renewable sources by the end of this decade.
Modi had also promised to cut India’s total projected carbon emission by 1 billion tonnes and carbon intensity by less than 45% by 2030 and achieve net-zero carbon emissions by 2070.
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