| 14 | | 1 5 | VIEWPOINT: ADANI The commitment of the Adani Portfolio, India’s largest integrated infrastructure developer, to achieve net zero emissions is significant in addressing climate change and promoting sustainable development. Accordingly, its five portfolio companies—Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, ACC and Ambuja Cements— will go net zero by 2050 or earlier. They will invest $100 billion over the next decade to achieving these targets. Through proactive adoption of renewable energy, the businesses are not only shrinking their carbon footprint but also fostering growth of clean energy alternatives. Adani Green Energy, the renewable energy arm of the Portfolio and India’s largest renewable energy player, raised three rounds of construction facility amounting to $3 billion. Adani Energy Solutions, India’s largest private sector electricity transmission and distribution company raised more than $1 billion as a green loan, and its subsidiary Adani Electricity Mumbai issued sustainability linked bonds for $300 million. By transitioning from conventional combustion engines to electric vehicles and machinery, they can effectively curtail emissions linked to transportation and industrial processes. Not only does it mitigate air pollution but also reduces reliance on fossil fuels. Adopting biofuels represents another highly innovative approach. These fuels can generate cleaner energy with significantly lower carbon emissions. It reduces greenhouse gas emissions and fosters the adoption of sustainable agricultural practices, while creating economic opportunities in the biofuel industry. Adani's impressive stride in utility scale renewables and fully integrated manufacturing, coupled with end-toend engineering, procurement, and construction (EPC) capability, positions it uniquely to drive down costs and facilitate the adoption of green hydrogen. To produce green hydrogen through electrolysis, renewable sources such as solar and wind power are key. The Portfolio’s extensive experience in developing and operating renewable power projects lends itself to this strategy to scale green hydrogen. With sharp focus on steering business with excellence, major thrust is on digitization of operation via the Energy Network Operation Centre (ENOC)–one of the largest industrial clouds and among the most efficient monitoring platforms in the country, wholly owned by the Adani family under Adani Infrastructre Management Services. Using ENOC, integrating business operations with data analytics, machine learning adoption, drone usage for monitoring project progress and digital asset mapping, and geospatial technologies for surveys has enabled the Adani utility portfolio run world-class assets with best-in-class operational efficiency. Adani’s unwavering commitment to sustainability and cutting-edge solutions makes it an ideal partner for organizations seeking to adopt green hydrogen. With Adani's proven track record and deep understanding of renewable technologies, the Portfolio is ready to spearhead the transition towards a greener future. A Green Business Strategy The Adani Portfolio underwrites an integrated approach to sustainable infrastructure. Adani Energy Solutions set up a 400kv/220kv transmission line–Kharghar Vikhroli Transmission Limited–under a 35-year concession for 74 circuit kilometers with 1,500 MVA transformation capacity, enabling green power flow of 1,000MW into the city of Mumbai. It was funded by a green loan from international banks and commercialized in December 2023. At the same time, Adani Green’s 700 MW Solar Wind Hybrid project in Rajasthan supplied power to Mumbai, under a 25-year PPA with Adani Electricity. This PPA will reduce cost of power for Mumbai consumers by more than 50%. It helped Adani Electricity achieve Mumbai’s target of procuring 30% renewable power by FY2023. Financing for the 700MW solar wind hybrid plant was underwritten by more than 15 international banks and became operational in March 2023. The Adani Portfolio prioritizes oversight committees to monitor sustainability targets. All listed entities have a Board-level Corporate Responsibility Committee (CRC) comprising of independent directors to deliver on ESG commitments. Accordingly, the key performance indicators for the $300 million sustainability-linked bonds issued by Adani Electricity Mumbai are independently reviewed by third parties (Vigeo Eiris, Deloitte, BSI Group) and disclosed. Failure to achieve a target entails a one-time coupon stepup of 15 basis points per annum. The advancements made by the Adani Portfolio companies are as follows: Adani Energy Solutions Adani Electricity Mumbai, a subsidiary of Adani Energy Solutions, increased its renewable energy share in the overall mix to an impressive 38.3%, making Mumbai a leading procurer of renewable energy. Adani Portfolio Chairman, Gautam Adani says Adani Electricity is on course to provide Mumbai with 60% renewable electricity by 2027. Adani Energy Solutions received an impressive score of 86% from CSRHub, a leading ESG global performance rating agency—better than the Electric and Gas Utilities industry average of over 900 global companies. Adani Green Energy Adani Green Energy is among the top 10 renewable power production companies in the world as per Sustainalytics. In the first half of FY2023, the renewable power company achieved zero waste to landfill and turned net water positive at all sites of 200 MW or more. It is ranked as the world's second-largest solar PV developer by Mercom Capital Group. With a total capacity exceeding 20 GW, Adani Green has solidified its position in the global renewable energy sector. Adani Ports & SEZ Adani Ports currently operates 15 ports and integrated logistics business and is well on track to turn net zero by 2040. In the first half of FY2024, it achieved a 15% share of renewables in the total energy mix, reduced the energy intensity by 46%, energy emissions by 48% and water consumption intensity by 59%. Adani Enterprises Adani New Industries is building three giga-factories to develop 10 GW polysilicon to module manufacturing capacity with supporting ancillaries, 5 GW wind turbines and 5 GW electrolysers as part of its low-cost integrated green hydrogen project. In FY2024, Adani New Industries produced India’s first solar wafer and the highest capacity onshore wind turbine generator of 5.2 MW. • Left-right: Green Hydrogen (Representative Image); Energy Network Operation Centre; Adani Green Energy Solar plant, Titpur, Karnataka Mumbai Skyline Left-right: Mundra Port; Mundra Solar PV Ltd facility, Mundra, Gujarat; Adani Portfolio leads the way in Sustainability Consistent with commitment of $100 billion investment over the next decade to green energy transition. Five portfolio companies to become net zero by 2050 or earlier As world leaders gather for COP28, Adani Electricity stands out with its green initiatives. We are on course to provide 60% renewable electricity to Mumbai by 2027, setting a global record for a major city. Currently, over 38% of our supply is green. This Diwali, we achieved a landmark by fueling Mumbai entirely with 100% renewable energy, demonstrating our dedication to a sustainable future. Gautam Adani | Chairman, Adani Group
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