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View/Download Our First Sustainability Report – 2021 Investing for 1.5oC Investing for 1.5oC SUSTAINABILITY REPORT | 2020-21 Sustainability Report 2020-21 1 Investing for 1.5oC Table of Contents 04 Hear from our Leaders 08 Our Reporting Approach 10 Our Story 20 Focus Investment Sectors 24 EverSource Business Framework 28 Enabling Impact Rooted in Resilience Investing for a 36 sustainable tomorrow. 44 Putting People First We invest in rapidly growing, digitally empowered, 52 Annexure climate positive businesses EverSource Capital Private Limited, One World Center, 16th floor, Tower 2A, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013 T: +91 22 4043 6000 E: [email protected] 2 EverSource Capital Sustainability Report 2020-21 3 Investing for 1.5oC Hear from our Leaders Foreword from our Chief Executive Officer imminent threat to India's coastal areas which houses has a target fund corpus of USD 700 million and has a third of the country’s population. The human and raised USD 410 million to date. It has committed to economic costs of climate change will exponentially invest USD 275 million across five companies. increase in the near future if timely actions to reduce carbon emissions are not taken. As per one study, GGEF made significant progress during FY 2020-21. India’s GDP in the year 2100 may decline by 90% if Our investee companies secured large government, the rise in global temperature reaches 30C. If India commercial and industrial projects across the clean does not take quick and serious actions to limit the energy, electric transport and waste and wastewater global temperature rise to 1.50C now, it will not be treatment sectors. Our investments today jointly have able to achieve its economic goals. a potential of generating 450+ billion kilowatt hours of clean energy, creating tens of thousands of jobs and The COVID-19 pandemic and the ensuing nationwide adding over USD 5 billion to the Indian economy over lockdowns caused immense human and economic the next decade. Our humble efforts to revolutionise Our investments suffering during 2020. However, impacts such as this sector have attracted additional investments of today jointly have a the economic slowdown triggered by the pandemic, USD 950 million to our portfolio companies. potential of generating growth in renewable energy, and widespread digital 450+ billion kilowatt adoption have led to a significant reduction in India's This would not have been possible without the efforts CO2 emissions. This took place after four decades, of our high caliber, action oriented and impact driven hours of clean energy, which is a sign for the country to now invest in green team at EverSource Capital. Aligned to our core creating tens of recovery. India’s post-COVID-19 economic measures belief of profit with purpose, our sustainable business thousands of jobs and must be directed towards bolstering the country’s model rests on the pillars of robust Environmental, adding over USD 5 billion investments in decarbonisation and resource efficiency. Social and Governance (ESG) standards. We feel to the Indian green EverSource Capital’s responsibility to shape a Dhanpal Jhaveri, economy over the While the total investment needed to meet climate sustainable tomorrow has never been more crucial. On Vice Chairman Everstone Group action targets is estimated at USD 2.5 trillion over 2016- behalf of the team, I am excited to share EverSource and Chief Executive Officer next decade. 2030 (USD 170 billion per annum), India is currently Capital’s accomplishments with you in this inaugural EverSource Capital mobilizing less than 25% of this amount. Private market sustainability report. We look forward to building on players must step up to finance and develop disruptive this momentum as we identify and invest in exciting green solutions to fight the climate crisis. As one of the green businesses. India has emerged as one of the fastest growing This can change if we choose to invest in low-carbon largest and most attractive clean energy markets in developing economies in the world and has the energy alternatives. the world, the Indian climate finance sector promises potential to feature among the top three global attractive financial returns. This lucrative opportunity Dhanpal Jhaveri, economic powers over the next decade. Rising A recent research publication by the Overseas drove Everstone Capital and Lightsource bp to come Vice Chairman Everstone Group income and improvement in standard of living has Development Institute (ODI) reported that India is together and start EverSource Capital three years ago. and Chief Executive Officer driven demand for energy. India is now the world’s already witnessing dire impacts of climate change. EverSource Capital third largest energy consuming country. On a Heat-waves are now a common phenomenon. We are grateful to the Foreign, Commonwealth per-capita basis, though, India’s energy use and Heavy rain events have gone up three times since and Development Office (FCDO) and the National emissions are less than half the world average. 1950 while total precipitation has declined. Nearly Investment and Infrastructure Fund (NIIF) of India However, if unchecked the surge in energy demand 600 million people in the country face acute water for reposing confidence in us and appointing us as over the next decade will lead to a concomitant spike crisis. The Indian Ocean rose by an average of 3.2 the fund manager for the Green Growth Equity Fund in harmful carbon emissions and global warming. mm per annum over the past two decades posing an (GGEF). GGEF is India’s first climate focused fund and 4 EverSource Capital Sustainability Report 2020-21 5 Investing for 1.5oC Foreword from our Chief Investment Officer enable India to contribute significantly in achieving The COVID-19 pandemic has caused a global business the 1.50 goal. upheaval. At EverSource Capital, our offices may be empty, but our work has not stopped. People are at EverSource Capital’s GGEF is designed to generate the heart of what we do. We value our diverse and sustainable returns while contributing to the goal driven workforce who have continued to deliver of limiting temperature rise to 1.50 C. We invest and despite the pandemic. We are committed to investing build climate positive businesses across the energy in community initiatives, wherever our investee and resource efficiency value chain to mitigate companies operate. We have been a strong promoter and adapt to climate change related risks. Our of collaborative business models. businesses include renewable energy generation, energy efficiency services, e-mobility, resource This report provides an overview of our impact roadmap, conservation - water and waste management. investment strategy, our responsible investment approach, our portfolio, and our commitment to help We invest and build We create value in our portfolio companies by India achieve its SDGs and Nationally Determined complying with the highest standards of ESG, Contribution (NDC) targets. climate positive bringing sustainability to the core of business businesses across the strategy, tapping superior talent, leveraging the Thank you for your interest in our work. energy and resource power of collaboration and industry 4.0 technologies, and catalysing rapid scale-up. efficiency value chain We are committed to building and maintaining Satish Mandhana to mitigate and adapt Senior Managing Director robust standards of ESG within the Fund and across to climate change and Chief Investment Officer Satish Mandhana its portfolio. As part of the investment evaluation EverSource Capital Senior Managing Director related risks. process, we asses each business’s ability to meet and Chief Investment Officer required ESG, health & safety standards as well EverSource Capital as its climate impact and if business fails to meet our expectation on any of these, then, we decide not to invest in that business. We will continue to strengthen our effort across all areas of ESG and India needs to invest in disruptive and innovative clean This requires a collaborative effort amongst various towards delivering higher impact, including the technologies on a massive scale to help limit global stake holders i.e., international agencies, government, adoption of appropriate sustainability accounting warming to 1.5o C. We require greater and faster policy makers, financial sector, technical institutions, practices as we grow. deployment of enabling technologies for capacity private sector, social organisations and above all build-up at scale, to create an eco-system which brings people’s participation in environment movement. We a tsunami of economically attractive opportunities to hope COP-26 will usher in a new era of international transition to a green economy. cooperation, funding and technology support to 6 EverSource Capital Sustainability Report 2020-21 7 Investing for 1.5oC This is EverSource Capital Private Limited’s option, and the GRI guiding principles have been (‘EverSource Capital’ or ‘Fund’) first Sustainability applied to define its quality and content. Report, which details our sustainability framework as well as the impact we create through our investments. This report contains certain forward-looking It summarises our impact strategy, governance statements that describe our projections and structure, people practices, community initiatives as expectations, based on reasonable assumptions well as an analysis of our portfolio companies. and past performance. These are subject to change considering latest industry developments, The content
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