Key Takeaways
➢ Sample of 30 out of top 200 companies in India show that Renewable Energy (RE) consumption has grown modestly from 2.4% to 3.4 of total energy consumption.
➢ The average share of renewable energy in consumer staples, IT and real estate grew from 42% in FY21 to 73% in FY23 collectively. The average share of energy intensive sectors like materials and utilities remains at less than 6% and 0.5% respectively.
➢ Consumer Staples turn out to be transitioning the fastest with an 81% average RE share followed by Information Technology at 53%. The rate of transition, however, is highest in the Real Estate sector.
➢ Operational expansion of Industrials is driven by fossil fuel: has led to an increase in total energy consumption but reduction in relative RE consumption.
➢ Operational expansion in the Services sector supported by renewable energy. Dr. Reddy Laboratories striding towards energy efficiency as well as transition.
➢ State Bank of India drives the fall in average RE share in financial sector as it reduces its RE share by 10 percentage points.