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| REC Ltd. Wins SKOCH ESG Award 2024 in Green Finance [Source: The Week] |
REC Limited, a prestigious Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading Non-Banking Finance Company (NBFC), has been honored with the esteemed SKOCH ESG Award 2024 in the ‘Renewable Energy Financing’ category. This recognition highlights REC’s unwavering dedication to sustainable financing, thus facilitating India’s transition towards renewable energy and a greener future.
About the SKOCH ESG Award:
The SKOCH ESG Awards celebrate organizations that exhibit exceptional performance in Environmental, Social, and Governance (ESG) practices. These awards serve as a standard for evaluating organizations’ commitment to India’s vision for 2047, emphasizing the crucial role of sustainable investments and processes in shaping a sustainable and prosperous business future.
REC’s Contribution to the Clean Energy Transition:
REC has emerged as a key player in India’s clean energy transition, actively contributing to the nation’s sustainable future. The company has pledged support to numerous sustainable projects and has signed various Memoranda of Understanding (MOUs) for green projects. REC has also engaged in constructive discussions with developers of green projects across sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia, green hydrogen, and battery storage.
Future Projections:
Looking ahead, REC anticipates a significant expansion in its renewable energy portfolio. Projections indicate that the portfolio is expected to grow tenfold, reaching more than Rs. 3 lakh crores by 2030, representing approximately 30% of its Assets Under Management (AUM).
About REC Limited:
REC Limited is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, registered with the Reserve Bank of India (RBI) as an NBFC and Infrastructure Financing Company (IFC). The company finances the entire Power-Infrastructure sector, including Generation, Transmission, Distribution, Renewable Energy, and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen, and Green Ammonia projects.
Diversification:
REC has recently diversified into the Non-Power Infrastructure sector, which includes Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works in various other sectors like Steel and Refinery.
Role in Government Schemes:
REC continues to play a pivotal strategic role in the flagship schemes of the Government for the power sector. It has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA), Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme, which have strengthened the last-mile distribution system and achieved 100% village and household electrification in the country. REC has also been designated as the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS).
This comprehensive recognition and the proactive role played by REC Limited underline its commitment to sustainable development and its integral position in India's clean energy future.