Climate impact investor Eversource Capital announces the release of its fourth annual sustainability report – Innovation. Inclusion. Impact. The report provides a comprehensive overview of their commitment to driving sustainable growth through innovative climate investments. As of March 2024, their portfolio has collectively generated 8.7 million megawatt hours of renewable energy, facilitated the mobility of millions through electric vehicles, 8.75 mn tCO2e of emissions abated benefitting 106 mn lives.
Dhanpal Jhaveri, Co-Founder & CEO, Eversource Capital, stated, “As we confront the urgent challenges posed by climate change, the need for innovative solutions has never been more critical. At Eversource Capital, we have built a robust climate investing ecosystem that not only addresses these challenges but also drives sustainable impact and inclusion. Our latest sustainability report highlights our progress and the tangible outcomes of our investments. We have successfully catalysed USD 2.5 billion in global capital towards India’s climate initiatives, targeting to avoid over 30 million tonnes of GHG emissions by 2030. This is a testament to our commitment to creating a sustainable and resilient future for all.”
Eversource received catalytic concessional capital from the US Department of State and USAID through the Blended Finance for Energy Transition (BFET) program, and from the Investment Fund for Developing Countries (IFU) under the Danish Development Finance Institution (DFI). Announced at COP28 by John Kerry, US Special Presidential Envoy for Climate, it provides an impetus to mobilize private capital at scale and deploy it in climate businesses across developing Asian economies.
Eversource, through its portfolio companies, is lending strong support to India in its transition to a net-zero economy. Radiance and Ayana, with a combined installed capacity of 2079 MWp, have generated 8.67 MWh of renewable energy and avoided 7.97 million tons of CO2e emissions as of March 2024.
By processing and treating 5.15 million tonnes of solid waste and recycling or reusing 4 million tonnes of solid waste, EverEnviro and Kathari have added further impetus to the expansion of a circular economy. Furthering India’s sustainability drive, Kathari’s sewage treatment plants have processed over 65 billion liters of wastewater annually, improving sanitation for 1.3 million people along the Hooghly River in Kolkata while EverEnviro has set up India’s largest MSW-based CBG plant in Indore with a design capacity of 17 TPD.
GreenCell and Lithium advanced electric vehicle adoption, operating 1,127 e-buses and 2,266 EVs, avoiding ~90k tCO2e emissions and benefiting 81 million passengers, as the country and the world moves towards the adoption of electric vehicles (EVs) to cut carbon emissions.
Ecofy – a digital-first NBFC, processed INR 5435 mn loans empowering individuals, businesses, and states to reduce their carbon footprint.
Along with its contribution to climate sustainability, Eversource, across its portfolio companies, is consistently playing its role in bringing positive impact to societies as well. EverEnviro’s Punjab plant supports over 1,500 village-level entrepreneurs by using paddy straw as feedstock instead of burning. Driven by the ethos of diversity, equity, and inclusion, women’s representation across Eversource and its portfolio companies has increased by 51.6 percent from FY23 to FY24. Enhancing its inclusivity net, Greencell has been actively recruiting meritorious LGBTQIA candidates. Eversource put in place a comprehensive framework for DEI which will be executed at the fund and across its portfolio companies.