At COP28, ReNew Energy Global Plc and Asian Development Bank (ADB) signed MoU to work together on projects focused on mitigating and adapting to climate change. The MoU encompasses projects with a total investment exceeding $ 5.3 billion, scheduled to be implemented between 2023 and 2028. In order to collaboratively promote the clean energy transition, the MoU identified possible investments in manufacturing, carbon offset projects, green hydrogen, and renewable energy projects.
The MoU is anticipated to attract attention from more global investors to contribute in funding of long-term debt for substantial clean energy infrastructure initiatives. Furthermore, it will assist ADB in realising its goal of financing $100 billion in renewable energy projects by 2030.
In November 2023, ReNew announced the commissioning of its first interstate transmission system project to facilitate the transmission of 1,500 MW of clean energy in the Koppal area of Karnataka. In September 2023, ReNew introduced its Clinton Global Initiative commitment to action, focusing on clean energy generation and youth education as a transition to clean energy.
