REC wins ‘Sustainability Champion – Editor’s Choice Award’ at Outlook Planet Sustainability Summit & Awards 2024 – EQ
In Short : REC has won the ‘Sustainability Champion – Editor’s Choice Award’ at the Outlook Planet Sustainability Summit & Awards 2024. This recognition highlights REC’s commitment to sustainability and its significant contributions to sustainable development initiatives.
In Detail : REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been honoured with the ‘Sustainability Champion – Editor’s Choice Award’ at the ‘Outlook Planet Sustainability Summit & Awards 2024’. The Award ceremony was organised by Outlook Group, in collaboration with IIT Goa.
This award recognizes REC’s commitment to sustainability initiatives and its efforts in driving progress towards a greener future. The award highlights the corporation’s pledge to sustainability initiatives, leading the path toward a greener future.
Smt. Saraswathi, Senior General Manager, REC’s Mumbai Office, received the award at an event held in Goa.
REC has been a front-runner in catalysing India’s energy transition. Its plans are intricately aligned with the global thrust towards clean energy sources, and the company remains committed to being the leading financier of India’s energy transition. REC is geared to invest significantly in sustainability initiatives, as reflected in its current loan portfolio of approximately ₹ 38,971 crores under renewable energy. It has set a target of improving the renewables mix to around 30% of projected loan book of about 10 lakh crores by the year 2030.
The Outlook Planet Sustainability Summit & Awards is a prominent platform that brings together industry leaders, policymakers, and sustainability advocates to celebrate and promote excellence in sustainable practices. This year’s summit featured insightful discussions, innovative ideas, and recognized the remarkable achievements of organizations dedicated to sustainability.
About REC Limited
REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen and Green Ammonia projects. More recently, REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery. REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country.
REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY) and National Electricity Fund (NEF) Scheme which resulted in strengthening of last-mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna. The loan book of REC stands at ₹ 5.09 lakh crores and Net Worth at Rs. ₹ 68,783 crores as on 31 March, 2024.
