GPS Renewables Publishes its First Annual ESG Report
GPS Renewables, Bengaluru headquartered clean fuels technology and engineering company, has published its 2023 Environmental, Social, and Governance (ESG) Report based on Global Reporting Initiative (GRI). The report showcases the company’s commitment towards building an organization that is responsible, sustainable and inclusive.
As a leading clean fuels company, GPS Renewables is dedicated to creating a sustainable impact on the planet by spearheading the transition towards renewable energy sources. Their mission is to facilitate large-scale decarbonization through comprehensive solutions, covering the development, production, and distribution of clean fuels, with emphasis on BioCNG, 2G Ethanol, and Green Hydrogen.
The company’s strategic approach encompasses technology delivery, project execution, biofuel asset ownership, and specialized products, all geared towards achieving India’s Net Zero goal and accelerating low-carbon, inclusive development through the use of clean fuels.
Apart from providing end-to-end design and engineering services for clean fuel projects, GPS Renewables is also actively involved in developing its own large-scale climate-positive infrastructure. The company invests its own capital in establishing decarbonization infrastructure, which plays a crucial role in reducing GHG emissions.
Supported by a dedicated team of experienced climate professionals, GPS Renewables fosters an in-house culture of innovation focused on creating unique climate-positive concepts. These concepts undergo incubation, development, and operation through strategic partnerships, ensuring effective implementation and maximizing their impact on sustainability and climate action.
Commenting on the report, Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “This report is a testament to our unwavering commitment to building an organization that exemplifies responsibility, sustainability, and inclusivity. We extend our heartfelt appreciation to our investors for their trust, customers for sharing our vision of sustainability, governments for leading climate action, and communities for supporting our purpose. Above all, we owe our success to our employees, whose dedication to sustainability has elevated us from a startup to a pioneering clean fuels enterprise.”
“As we move forward, it is critical to evaluate how inclusive and responsible our business operations are, ensuring a just transition to renewable energy for all. With growing awareness of climate change and its social implications, we recognize that there is no trade-off between business success and ESG performance. We are committed to progress in a way that leaves no one behind, integrating just transition principles into our business practice”, Mainak added.
Key highlights of GPS Renewables’ ESG Report 2023
Environment: Driving Decarbonization
Key Highlights:
- 4,93,000 tonnes of carbon emissions avoided
- Processing and diversion of 120,000 tonnes of waste from landfills.
- Over 100 decentralized waste-to-clean-energy deployments in the commercial and industrial segment.
- Daily processing of 500 tonnes of Municipal Organic Waste at Asia’s largest BioCNG plant at Indore
- Enabling 400 Municipal Buses in Indore to run on Clean BioCNG from GPS Renewables’ plant.
Social: Climate transformation with inclusive growth
Key Highlights:
- Employee Diversity: GPS Renewables promotes diversity within its employee base, considering aspects such as gender and age. Currently, approximately 10% of the total workforce comprises women, while for non-site based employees, the percentage of women is around 21%.
- Age Diversity: In Fiscal Year 2023, 46% of the hiring conducted by GPS Renewables was from the 30-50 age bracket, reflecting the company’s recognition of the value brought by experienced professionals in this demographic.
- Local Community Engagement: Demonstrating its dedication to community involvement, GPS Renewables hired 215 individuals on a Full-Time Equivalent (FTE) basis from local communities, fostering a sense of empowerment and inclusivity.
Governance: Upholding transparency, accountability, and trust
Key highlights
- Supporting responsible and inclusive supply chain
- In FY23, GPS Renewables collaborated with approximately 297 suppliers, with 94% of them based in India, spanning across 16 states. Notably, 16% of these suppliers were small and medium enterprises (SMEs). Demonstrating a strong dedication to fostering an inclusive and diverse supplier base, GPS Renewables directed 41% of its total procurement spends towards SMEs. This commitment highlights the company’s proactive efforts to support and develop smaller enterprises, contributing to the growth and sustainability of local businesses and communities.
- Zero cases of whistleblowing, bribery, corruption, and employee grievances.
In the process of preparing the ESG Report, GPS Renewables undertook a vital Materiality Assessment to identify key ESG issues. The assessment involved mapping internal stakeholders, including leadership, functional heads, and relevant business leads, along with investors. Surveys, interviews, and interactions were employed to facilitate transparent and meaningful dialogue.
