Adani companies declare energy compact goals as part of COP26

As part of COP26, Adani Green Energy Limited (AGEL), the solar power development arm, and Adani Transmission Limited (ATL), the power transmission and retail distribution company, announced their Energy Compact Goals, with a focus on Sustainable Development Goal 7 (SDG 7). SDG 7 outlines a set of objectives to be met by 2030. The companies must ensure universal access to affordable, dependable, and contemporary energy services, as well as a significant increase in the global percentage of renewable energy.

AGEL has set a goal of achieving 45 GW of renewable energy capacity by 2030 at average tariffs lower than the national Average Power Purchase Cost. Further, this development company will also invest $20 billion in renewable energy development over the next decade. The company has a goal of developing a solar manufacturing capacity of 2 GW per year by FY 2022-23. The company has one of the world’s largest renewable portfolios, with 19.8 GW of operational, under-construction, awarded and acquired assets. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

Meanwhile, ATL plans to increase the share of renewable power procurement from the current 3% to 30% by FY 2023 and to 70% by FY 2030 through its utility subsidiary in Mumbai. It is working to reduce its carbon intensity on per unit of revenue basis to support SDG 13 for Climate Change Mitigation. It is a leading private transmission company in India with a cumulative transmission network of ~18,300 ckm, out of which ~13,700 ckm is operational and ~4,600 ckm is at various stages of construction. The company also operates a distribution business serving about 3 million+ customers in Mumbai.

 

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