Tata Power : leads S&P Global’s ESG Score for Power Utilities in India – EQ Mag Pro

Scored 67 out of 100; fared significantly higher than the average world electric utility score of 38

Tata Power, one of India’s largest integrated power companies, secured the highest score among its peers in the Indian Power sector 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 scored67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38.

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.

“We are happy to have achieved such encouraging scores in the S&P Global Corporate Sustainability Assessment. This is a testament to our continuous efforts towards building an organization that truly lives the credo of #DoGreen and is focused on transition to a clean energy powered future.” said Dr. Praveer Sinha, CEO & Managing Director, Tata Power.

ESG is core focus for Tata Power and is integrated into the company’s business strategy. It is the first power company in India to commit to ‘Carbon Neutrality ‘ before 2045 and the only Indian Power company to co-create the first SDG roadmap for power utilities along with WBCSD and 10 other leading global power companies. It has also developed a clear roadmap to achieve Water Neutrality and Zero Waste to Landfill by 2030.

Tata Power has been a lead adopter of technology with a commitment to reduce carbon footprint and dependency on fossil fuel-based resources. The company has shifted focus to renewable generation and consumer-facing businesses that enable Indians to make green choices like solar rooftop, solar pumps, microgrids, EV charging and home automation. It is also tapping into opportunities to create future ready smart solutions and widening its distribution network and customer base.

Tata Power has identified key ESG focus areas viz renewable footprints, carbon emission, resource availability, waste management and biodiversity. The Company is committed to set its emission reduction targets in alignment with the Science-Based Targets initiative (SBTi).

Tata Power was assessed by ESG Risk Assessments and Insights Limited (ESG Risk. ai) and has been identified as a leading company on ESG disclosures in the Indian power sector. It has also been ranked among the top 10 on Sustainability & CSR Responsible Business ranking in the ET-Future scape 8th Sustainability Index Report. Tata Power secured the highest score in CRISIL’s ESG Scores among its peers in the Indian Power sector.

Tata Power (NSE: TATAPOWER; BSE:500400) is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,071 MW. The Company has a presence across the entire power value chain – generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

The Company had developed the country’s first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 4.2 GW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 32% of the overall portfolio, the company is a leader in clean energy generation.

It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.

Tata Power is currently serving more than 12 million consumers via its Discoms, under public-private partnership model viz Tata Power Delhi Distribution Ltd. with Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha.

With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al.

With its 107 years track record of technology advancements, project execution excellence, world-class safety processes, customer care,and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come.

Source: marketscreener