Context:
REC Limited won the SKOCH ESG Award 2024 for ‘Renewable Energy Financing’.
Relevance:
Facts for Prelims
Overview of REC (formerly Rural Electrification Corporation Limited)
Profile:
- A ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power.
- Registered with RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).
Scope of Funding:
- Funds various infrastructure projects, both power and non-power.
- Projects span from power generation to transportation and communication.
- Supports sectors like renewables, electric vehicles, and green technologies.
SKOCH ESG Awards and Significance
Award Description:
- SKOCH ESG Awards recognize organizations excelling in Environmental, Social, and Governance (ESG) practices.
Benchmark for Sustainable Business:
- The Award and Assessment serve as a vital benchmark.
- Highlights organizations’ commitment to India 2047 by emphasizing sustainable investments and processes for a sustainable business future.
About SKOCH Group
- Established in 1997, the SKOCH Group is a leading Indian think tank.
Focus Areas:
- Specializes in socio-economic issues.
- Engages with a diverse spectrum of entities, ranging from Fortune 500 companies to community-based organizations.
