Integrated Annual Report 2020-21 About This Report This Is Adani Green Energy Limited’S (AGEL) Second Integrated Annual Report
Total Page：16
File Type：pdf, Size：1020Kb
Our Company aspires to become the world’s largest solar power company by 2025 and the largest renewable power company by 2030 Adani Green Energy Limited Integrated Annual Report 2020-21 About this report This is Adani Green Energy Limited’s (AGEL) second Integrated Annual Report. The report is intended to provide our stakeholder family with a comprehensively transparent insight into our aspirations and initiatives. This Integrated Report has been influenced by the reporting principles of the International Integrated Reporting Council’s (IIRC) International <IR> Integrated Reporting Framework. The AGEL Integrated Report FY 20-21 provides an insight into the Company’s multi-dimensional value-creation business model, comprising tangible and intangible, financial and non-financial coverage. Scope Reporting boundary Our capitals AGEL’s integrated reporting The Report provides information Our commitment to create is based on the framework and data on key operations long-term value is linked to the developed by the IIRC, which related to the reporting period various capitals available to us promotes a holistic reporting leading to details of the value (inputs), how we use them (value- approach (financial and non- created for stakeholders. enhancing activities), our impact financial). This Report includes and value delivered (outputs and information that is material to outcomes). all stakeholders and presents an overview of our businesses and associated activities that catalyse short, medium and long-term value creation. Reporting period Board and management The AGEL Integrated Report is assurance produced and published annually. The Board of Directors and This Report provides material management team acknowledge information relating to our the responsibility to ensure the strategy and business model, credibility of this Integrated operating context, material Report. The Report addresses all risks, stakeholder interests, material issues; the integrated performance, prospects and performance has been presented governance, covering the period in a fair and accurate manner. 1st April, 2020 to 31st March, 2021. Contents CORPORATE OVERVIEW Our performance over the years ......... 046 STATUTORY REPORTS The world, India and AGEL Value creation model ........................... 048 Corporate Information ............................139 Direction .................................................. 004 Our credible governance platform ..... 060 Director’s Report and Annexures ........ 140 Transformation ....................................... 006 Board of Directors ................................. 064 Management Discussion And Analysis 157 Our sustainable growth platform ....... 068 Appreciation ........................................... 008 Corporate Governance Report ..............162 Business drivers ...................................... 072 Outlook ..................................................... 010 Business Responsibility Report.............197 AGEL: Platform for sustainable growth Integrated reporting About the Adani Group .......................... 016 Enhancing stakeholder value .............. 090 FINANCIAL STATEMENTS Chairman’s message ...............................024 Stakeholder engagement......................099 Standalone accounts .............................205 Message from the CEO .........................030 Materiality ................................................. 101 Consolidated accounts ..........................284 Message from the CFO ..........................034 Natural capital ....................................... 106 Notice .......................................................388 CSO’s statement ......................................038 Risk management ....................................120 Corporate snapshot ............................... 040 Corporate social responsibility ..............128 Integrated Annual Report 2020-21 Our aspirations at Adani Green Energy Limited. To be the world’s largest solar power company by 2025. To be the world’s largest renewable power company by 2030. Boldness transforms everything. Adani Green Energy Limited 002 Integrated Annual Report 2020-21 Corporate OverviewCorporate Part 1 Statutory Reports The world, India, renewable energy and Statements Financial Adani Green Energy Limited 003 Adani Green Energy Limited DIRECTION The world is entering a golden age on account of a seminal development. Renewable energy. Overview and limitless, creating exciting that has translated into more The world is poised to enter its possibilities of how this could than mere grid parity; it has been sharpest multi-year growth phase transform the way we live. conclusively demonstrated that the cost of renewable energy on account of a rapidly unfolding At Adani Green Energy Limited, (especially solar) is attractively – irreversible – development. The believe that this trend is not lower and declining when world is rapidly moving away from just irreversible; it represents compared with thermal energy, conventional energy towards a distinctive energy wave whose generation costs can only renewable energy forms. This whose magnitude can barely be increase. singular development is expected estimated at this point. We are to redefine the way the world will excited about this accelerating Competitive: There is a greater live. trend for a number of reasons. acceptance that renewable energy is not only good for the Critical: The use of renewable Features world but also good for the energy does not just represent There are a number of reasons Balance Sheet (without needing an academic development; there why this movement towards subsidy support). Besides, the is a greater recognition that renewable energy represents a use of renewable energy has its increased use is linked to a seminal moment in the recorded extended beyond a cosmetic moderation in the incidence of history of humankind. For the social obligation; it is now widely global warming and the survival of first ever time, humankind has accepted that the increased use the earth as we know it. begun to access an energy form of renewable energy translates that is virtually free (leaving aside Grid parity: Renewable energy into consistently low costs and the capital expenditure incurred) has achieved the scale and scope makes consumers competitive. 004 Integrated Annual Report 2020-21 Adani Group and renewable energy Adani Green Energy Limited, a company belonging to the Adani Group, intends to emerge as the world’s largest solar generation company in the private sector by 2025 and the world’s largest renewable energy company in the private sector by 2030. Adani Transmission Limited’s distribution business intends to access and supply 30% of Mumbai’s needs with renewable energy by FY 21-22 and 50% by FY 24-25 (Source: FY 19-20 ATL Annual Report). Predictability: One of the biggest increase renewable energy assets their intent to turn progressively drivers of renewable energy is its and contribute to fighting climate ‘green’. The retail giant Amazon cost predictability; it is possible change. expects to powering operations to estimate the prospective cost with 100% renewable energy by India story: India announced an of renewable power well into the 2025, net-zero carbon emissions ambitious target of renewable future, removing a large variable by 2040 and launched a USD energy capacity creation - 175 from the responsible estimation of 2 Billion Climate Pledge Fund GW by 2022 and 450 GW by future profitability, influencing the to back visionary companies 2030 – that could transform the critical art of credit-rating. whose products and services proportion of renewable energy facilitate a low-carbon future. Enduring: The consumption of consumed in the country as a Google became carbon neutral renewable energy faces a large proportion of all capacity. The in 2007 and in 2017 became multi-year head room. Much of target is substantial considering the first company of its size to the world is still driven by thermal that India possessed a total match 100% of its global, annual energy. This indicates that the renewable power capacity of electricity consumption with absorption of renewable energy 94.43 GW towards the close of renewable energy. The Company into our lives is at an inflection 2020-21. (Source: CEA) intends to completely decarbonise point and one can foresee Consumer-driven: The trend its electricity supply and decades of renewable capacity towards renewable energy operate 24/7 carbon-free energy building going forward. is not only being driven top- everywhere by 2030. Microsoft Target-driven: The subject has down but also bottom-up. A has been carbon-neutral across attracted a shared commitment number of socially responsible the world from 2012 and commits by each country on how it will organisations have announced to emerging carbon-negative by 2030. 005 Adani Green Energy Limited TRANSFORMATION Tomorrow’s India. Cleaner. Healthier. Quicker. More competitive. All due to the increased use of renewable energy 006 Integrated Annual Report 2020-21 Where the urban air becomes progressively cleaner Where it is possible to light the last remote home on account of abundantly available renewable energy Where consumers are likely to report lower costs following increased renewable energy use Where the lifecycle cost of product ownership is likely to decline on account of lower renewable energy costs Corporate OverviewCorporate Where the increased use of renewable energy moderates the overall environment load Where the competitive cost arising