As India strives to become a $5-trillion economy with a heavy emphasis on infrastructure growth and energy transition, how is REC aligning its vision and operations in line with these aspirations?
The government of India has a big thrust on energy transition. In Glasgow in 2021, India committed that 500 GW of electricity capacity will come from non-fossil fuel sources by 2030 and will meet 50 per cent of its electricity requirement from non-fossil fuel sources. At the same time, our carbon emissions intensity to the GDP will be reduced by 45 per cent compared to 2005 levels by 2030. In this process, by 2030, we will reduce carbon emissions by about 1 billion tonnes. India is also striving to become net zero by the year 2070. This will entail a considerable investment, but in the short term, a minimum of Rs 15 lakh crore will be required in the next seven years to achieve the target. REC is targeting about 20 per cent of this market, and we are looking to fund green projects worth Rs 3 lakh crore in the next seven years.
REC recently recorded its best quarter and financial year in terms of profitability and revenue growth? What were the drivers of this growth?
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