PayU to advance its sustainability goals in 2024

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New Delhi: The online payment solutions provider PayU announced a series of ESG initiatives undertaken by the company in 2023, marking its deep commitment to sustainability and addressing societal challenges. The company said it will advance its sustainability goals and efforts in 2024.

“As we reflect on the year 2023, it’s clear that our journey at PayU has been not just about achieving business milestones, but fundamentally about redefining the role of corporate entities in society,” said Priya Cherian, CHRO, PayU.“

“From launching groundbreaking sustainable packaging guidelines to empowering thousands through financial literacy programs and committing to renewable energy, our ESG initiatives are manifestations of our deep-seated belief in creating a more equitable, sustainable, and inclusive world,” added Cherian.

“We are more confident and dedicated than ever to push the envelope on the high benchmarks we have set for ourselves in terms of our sustainability goals in 2024” she further added.

Some of its ESG initiatives include:

Sustainable Packaging Report Launch:

Marking World Environment Day, PayU, in partnership with Prosus, launched the ‘Scaling Sustainable Packaging’ report on 5 June 2023. This report addresses India’s waste management challenges and outlines the ’10 Golden Rules’ for e-commerce and delivery platforms to reduce packaging waste, increase recycling, and foster innovation in regenerative materials. PayU India has made significant strides in sustainability, notably by shifting to recycled paper products and green garbage bags, saving nearly 2 tonnes of plastic waste annually.

DREC Initiative – Climate Finance for Rural Financial Inclusion:

PayU adopted the D-RECs (Distributed Renewable Energy Certificates) mechanism, supporting E-Hands Energy’s initiative to provide solar solutions to over 920 rural banks in India. By purchasing D-RECs, PayU certifies renewable electricity generated by these projects, aiding in financial inclusion and transitioning to a low-carbon environment.

B Corp Certification:

PayU embarked on its journey of attaining the B Corp Certification. This certification would benchmark PayU’s policies, processes and business against the ESG parameters set by B Labs. This will demonstrate how PayU adheres to the highest standards of ESG in terms of performance, transparency, and accountability.

The company is aiming at holistic growth driven by business as well as positive ESG impact benefiting all our stakeholders/beneficiaries. PayU would also be amongst the very few fintech players globally with this certification and since B Labs is a global entity, the certification would also indicate PayU’s position compared to similar companies all around the globe.