Adani Green Energy Ltd (AGEL) and Adani Transmission Ltd (ATL) have declared their Energy Compact Goals as part of COP26, primarily adhering to Sustainable Development Goal-7 (SDG-7).
SDG-7 defines a set of targets to be achieved by 2030. The companies are to ensure universal access to affordable, reliable, and modern energy services and increase substantially the share of renewable energy in the global energy mix.
AGEL has set a target of achieving 45 GW renewable energy capacity by 2030, with the average tariff below the Average Power Purchase Cost (APPC) at the national level. Further, AGEL aims to invest $20 billion in renewable energy development over the next decade and develop a two GW per year solar manufacturing capacity by FY 2022-23.
ATL is on course to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030 through its utility subsidiary in Mumbai and reduce its carbon intensity on per unit of revenue basis to support SDG 13 for Climate Change Mitigation.
“Both AGEL and ATL have centered their business strategy around the achievement of SDGs across all their activities, with SDG-7 as the cornerstone,” the company said.
“AGEL’s and ATL’s commitment will also support the targets taken by the Government of India and its commitment to the UN Energy Compact,” it added.
India has committed to increase the installed capacity of renewable energy to 450 GW by 2030 and to the Production Linked Incentive Scheme (PLI) to add 10 GW solar PV manufacturing capacity by 2025.