Rural Electrification Corporation (REC) receives Scotch Environment, Social and Governance (ESG) Award 2024

Recently, Rural Electrification Corporation (REC) Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading Non-Banking Finance Company (NBFC), has been awarded the Skoch Environment, Social and Governance (ESG) Award in the ‘Renewable Energy Financing’ category. Has been awarded since 2024.

REC receives ESG Award 2024

• The award has been presented to the Rural Electrification Corporation (REC) for its leadership in financing, paving the way for a greener future and driving transformation in the use of renewable energy.
• Executive Director of Rural Electrification Corporation (REC) Limited Shri T.S.C. This award was presented to Bosch in New Delhi.
• REC has expressed commitment to the projects through various initiatives and achievements and has signed various MoUs for green projects.

About the Scotch Environmental, Social and Governance (ESG) Awards

• The Scotch Environmental, Social and Governance (ESG) Awards recognize organizations that demonstrate outstanding work in environmental, social and governance (ESG) practices.
• The Scotch Environment, Social and Governance (ESG) Awards and Assessment serves as a key benchmark for evaluating organizations’ commitment to India 2047.
• It focuses on the interplay between sustainable investments and processes in shaping a sustainable and growing business future.

About Rural Electrification Corporation (REC) Limited

• It is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power.
• Registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), and Infrastructure Finance Company (IFC).
• It finances the power infrastructure sector which includes generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects.
• It provides loans of various maturity periods to state, central and private companies.
• Acts as the nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya), Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme.
• It has also been made the nodal agency for some states and union territories for the Revamped Distribution Sector Scheme (RDSS).
• Rural Electrification Corporation (REC) has a loan book of Rs 4.97 lakh crore and total assets of Rs 64,787 crore as of December 31, 2023.

Note: RECs have also recently diversified into non-electricity infrastructure sectors. Which includes other sectors like roads-expressways, metro rail, airports, information technology communication, social and commercial infrastructure (educational institutions, hospitals), ports and electro-mechanical (E&M) works, steel and refineries.

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