On the eve of the International Day of Climate Action, Pratyush Thakur, who serves as the Investment Director and Country Head India at Blueleaf Energy—a leading pan-Asian renewable energy platform—reiterates that sustainability lies at the very core of Blueleaf’s operational and strategic model. The company is fundamentally engaged in generating carbon dioxide-free electricity through utility-scale renewable energy projects, a contribution that directly supports global efforts to mitigate greenhouse gas emissions. Yet, Thakur notes that Blueleaf’s commitment to sustainability extends well beyond emissions reduction. He explains that for the organisation, sustainability encompasses a long-term, multi-stakeholder approach—ensuring that the impacts of its operations remain beneficial and viable not just environmentally, but socially and economically as well.
Embedding Sustainability Across the Value Chain
When discussing the integration of sustainability across Blueleaf’s value chain, Thakur underscores the emphasis on long-term resilience and ethical responsibility. He maintains that the company does not merely treat sustainability as a compliance requirement but as a fundamental business principle, interwoven into supply chain decisions, project development, and community engagement.
ESG Compliance and the Role of Green Taxonomy
On the subject of ESG compliance and the importance of green taxonomy in securing finance, Thakur is unequivocal: it is absolutely critical. From the outset, Blueleaf has kept environmental, social, and governance standards high on its agenda. Thakur explains that this commitment is driven in part by the nature of Blueleaf’s ownership. The company is fully held by a fund managed by Macquarie Group, which mandates clear sustainability principles for its investments. Macquarie, he says, has devised its own green scoring methodology, and every project that Blueleaf considers is subjected to a rigorous evaluation process to determine its environmental impact. ESG and green impact reporting are not peripheral, but rather central to investment decisions. He points out that following the investment phase, independent third-party agencies are engaged to assess a project’s ongoing compliance and adherence to its sustainability commitments. This external validation, he adds, reinforces the seriousness with which the company treats these obligations.
Living with the Critical Minerals Challenge
Addressing the issue of critical minerals—such as lithium and silicon—that are vital to the renewable energy value chain, Thakur acknowledges the challenges faced by the sector. He suggests that while there may be no immediate solutions to address global supply constraints, diversification of input sources is essential. This, he believes, should be a strategic priority not just for individual companies but for the industry at large. He expresses confidence that policymakers are already actively exploring solutions to these challenges, though he notes that tangible resolutions may take time to materialise.
India’s Renewable Energy Progress
Reflecting on India’s progress toward its Panchamrit climate commitments, Thakur acknowledges significant developments, particularly in the area of renewable energy capacity addition. One of the key targets—generating 50% of electricity from renewable sources—has seen promising progress. He observes that earlier in the year, India surpassed the milestone of having more than 50% of its installed electricity generation capacity based on non-fossil fuels. While this marks a positive step, he clarifies that there remains a considerable gap between installed capacity and actual electricity generation. In real terms, only around 20–25% of the electricity currently generated comes from non-fossil sources, suggesting that much more needs to be done to close that gap.
The Road Ahead
Thakur also points to the target of achieving 500 GW of non-fossil energy capacity by 2030, indicating that India has reached approximately 250 GW so far—essentially the halfway mark. He expresses concern that this target may be at risk unless there is consistent acceleration in capacity addition. Regarding the goal of reducing emissions intensity by 45%, he views this as achievable. However, he tempers this optimism by highlighting a broader challenge: while emissions intensity might reduce, overall emissions are likely to continue rising due to economic development and rising aspirations for improved living standards. He characterises this as a balancing act between societal progress and environmental responsibility. Saying that even if India falls short of some numerical targets, Thakur says that the broader trend of progress should not be overlooked. He stresses the importance of tracking meaningful advancements rather than fixating exclusively on whether every metric is met. For him, it is the direction of movement—towards cleaner, more sustainable energy—that truly matters.
