Essar Capital's Green Initiatives and Decarbonisation Pledge at Financial Times Energy Transition Summit 2024
Key Ideas
- Essar Capital commits to building the world's first decarbonised green refinery in the UK, part of a broader sustainability program targeting key sectors like Energy and Infrastructure.
- The construction of a large-scale low-carbon hydrogen hub at Stanlow refinery is a significant achievement, with the capacity to produce 350 MW of hydrogen and capture 2.5 million tonnes of carbon annually.
- Essar's efforts extend to reducing emissions in the UK's energy sector, with plans to cut carbon emissions at Stanlow by 95% by 2030, aligning with the UK government's £20 billion decarbonization plan.
- In India, Essar aims to reduce trucking industry emissions by 70% through a mix of LNG and electric trucks, with over 500 LNG trucks already operational and plans to expand the fleet.
Essar Capital, under the leadership of Prashant Ruia, made a significant commitment to sustainability by announcing the development of the world's first decarbonised green refinery in the UK. This announcement was made during the Financial Times Energy Transition Summit 2024 in Delhi. The initiative is part of Essar's broader sustainability program that targets key sectors like Energy, Infrastructure, Metals & Mining, and Technology & Retail. Furthermore, Essar is expanding its presence in green businesses with innovative projects in green trucking, 24/7 renewable energy solutions, and the integration of hydrogen across its refineries. A major milestone in this journey is the establishment of the UK's first large-scale low-carbon hydrogen hub at Stanlow refinery, set to produce 350 MW of hydrogen while capturing 2.5 million tonnes of carbon annually. This achievement is equivalent to removing 1.1 million cars from the roads each year. Essar also plays a pivotal role in the UK's energy landscape, currently supplying 16% of the country's fuel consumption. The company aims to align with the UK government's ambitious decarbonization plan, intending to slash carbon emissions at Stanlow by 95% by 2030, positioning Essar as a global leader in green refining. Additionally, Essar is addressing emissions in India's trucking industry by planning to reduce CO2 emissions by 70% through a combination of LNG and electric trucks. The company has already deployed over 500 LNG trucks capable of traveling long distances on a single refill, with plans for further expansion. Moreover, Essar is innovating in the renewable energy sector by merging multiple energy sources into a hybrid model to ensure uninterrupted energy supply. By focusing on battery storage and pumped hydro technologies, Essar is striving to facilitate a sustainable transition in energy, emphasizing a balance between economic growth and environmental sustainability.
Topics
India
Renewable Energy
Innovation
Sustainability
Energy Transition
Decarbonization
Low-carbon
Refining
Hydrogen Integration
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