REC Wins SKOCH ESG Award 2024 in Renewable Energy Financing

Summary and Important Points:

1. Award Achievement: REC Limited received the SKOCH ESG Award 2024 for excellence in 'Renewable Energy Financing'.

2. Sustainable Financing: Recognized for its commitment to financing projects that promote a transition to renewable energy sources.

3. Future Projections: REC aims to expand its renewable energy portfolio, expecting it to grow tenfold by 2030, to over Rs. 3 lakh crores.

4. Sector Engagement: Engaged in discussions and MOUs across various green projects including solar, wind, and green hydrogen.

5. SKOCH ESG Awards: Acknowledges organizations excelling in Environmental, Social, and Governance practices, with a focus on sustainable and growth-oriented business futures.

Additional Information:

• About REC Limited: A 'Maharatna' CPSE under the Ministry of Power, REC is an NBFC and IFC, supporting India's entire power infrastructure sector. It finances projects in generation, transmission, distribution, and new technologies.

• Government Schemes: REC plays a crucial role in government schemes like SAUBHAGAYA, DDUGJY, NEF Scheme, and RDSS, contributing to nationwide electrification and infrastructure development.

• Expansion into Non-Power Sectors: REC has diversified its financing to include non-power infrastructure projects, enhancing its portfolio beyond the traditional power sector.

Examination Perspective and Concise Points for Use:

• Understanding the role of financial institutions in supporting renewable energy projects.

• Recognizing the importance of ESG criteria in assessing the sustainability practices of organizations.

• Acknowledging the government's efforts and schemes in promoting nationwide electrification and renewable energy adoption.

Key Words to Remember:

• SKOCH ESG Award

• Renewable Energy Financing

• REC Limited

• Sustainable Projects

• Green Technologies

Link to Article : Press Information Bureau (pib.gov.in)

Released On : 01 April 2024