How does Blueleaf integrate sustainability into its business model, including supply chain?
Our core business model is to generate renewable energy, so we are contributing towards mitigating the greenhouse emissions because we generate carbon dioxide-free electricity. That is a very core part of our business operations. But we go much beyond that. Sustainability is not only mitigating greenhouse gases, but it is really making sure that whatever we do, it’s sustainable on a long-term basis for all stakeholders who we impact.
How critical are ESG compliance and green taxonomy for attracting financing?
It is very crucial. And we have, since the beginning, made sure that we are keeping this very high on our agenda. And this flows from the shareholder who is investing into Blueleaf. Blueleaf is 100% held by a fund which is being managed by Macquarie Group. And the fund already specifies the principles under which the investments would be made. Macquarie has developed its own green scoring methodology and any project we invest into goes through a very rigorous assessment of the green impact we are creating. So ESG reporting and the green impact reporting are very core to our investment decision process. And after we have made the investment, on a regular basis, there are third-party agencies who make assessments on our commitment and also compliance with whatever we have committed. So we take it very, very seriously.
How can the renewable energy sector address the critical mineral challenges at its own level?
I understand you are referring to lithium and silicon, which are very important part of the value chain. I don’t know if the industry has any short-term solutions. But yeah, diversification of source of inputs should be very crucial for any company or industry. And that is something we would certainly envisage should happen. And I am sure our policymakers are looking at that and trying to resolve that.
What is your take on India’s progress on Panchamrit commitments?
We have made progress for sure. I think the biggest one has been on adding renewable energy capacity. One of the Panchamrit targets is to generate 50% of electricity from renewable energy. Earlier this year, we announced that in terms of installed capacity, India has already more than 50% of its electricity generation capacity from non-fossil or renewable energy. So that is a positive step. But if you go to a bit of detail there, we are saying 50% of electricity generated, not 50% of installed capacity. So in terms of electricity generated, we are not more than 20–25% from non-fossil sources. So that has to go up. That would mean that we will have to consistently add more renewable energy capacity. The second one is to achieve 500 GW of non-fossil energy capacity by 2030, I feel there is a risk to get into that 500 GW number. We are at around 250 GW. So we are at the halfway mark. In terms of the emission (intensity) reduction by 45%, I feel that is possible. But overall emissions will continue going up. That is a huge challenge because you have to cater to both the aspirations of the society, of having a better standard of living, and also mitigating the huge risk of climate crisis which we have ahead of us. So I don’t have a simple answer, but I would say we are making progress. We might fall short, but that should not be the reason for any disappointment, because I would track progress rather than, you know, meeting exactly the numbers that we targeted.
