Adani companies AGEL and ATL declare Energy Compact Goals as part of COP26
Ahmedabad, November 9, 2021
Adani Green Energy Ltd (AGEL) the world's largest solar power developer, and Adani Transmission Ltd (ATL), India’s largest private sector power transmission and retail distribution company, have declared their Energy Compact Goals as part of COP26, primarily adhering to Sustainable Development Goal 7 (SDG 7).
The two companies are part of the Gautam Adani-led Adani Group, one of India's largest business conglomerates.
SDG 7 defines a set of goals 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.
A press release from Adani said both AGEL and ATL have centered their business strategy around the achievement of SDGs across all their activities, with SDG 7 as the cornerstone.
"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. 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. India has also committed to ‘enhance energy efficiency in agriculture, buildings, industry and transport sectors and promote energy-efficient appliances/equipment to reduce India's emissions intensity of GDP’," the release said.
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 will invest $20 billion in renewable energy development over the next decade and develop a 2 GW per year solar manufacturing capacity by FY 2022-23, it said.
ATL is on course to increase the share of renewable power procurement from the current 3% to 30% by FY 2023 and to 70% 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. ATL’s role as a transmission provider and distributor of energy is also in line with SDG 11 on Sustainable Cities and Communities, as it provides resilient infrastructure and ensures community access to a consistent and secure power supply, the release added.