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Business

Essar's sustainability initiatives propel India's energy transformation

IANS | February 08, 2024 10:42 AM

NEW DELHI: Essar, a prominent player in India's energy landscape, is charting a new course towards sustainability.

At the recent India Energy Week, the company unveiled an ambitious plan to reshape the nation's energy future.

Built upon the pillars of Decarbonisation, Decentralisation, and Digitalisation, Essar's strategic vision aims to propel India towards a greener economy.

Prashant Ruia, Director of Essar Capital, talked about the company's dedication to energy transition by stating, "As India emerges as the world's fastest-growing and third-largest economy, Essar is dedicated to fulfilling climate commitments and promoting green growth."

At the forefront is Essar Oil and Gas Exploration and Production Limited (EOGEPL), India’s foremost player in the coal bed methane sector, currently responsible for nearly 65% of the nation's total production. EOGEPL is determined to raise its contribution to India's overall gas output to 5% in the coming five years.

In the transportation sector, Essar is spearheading initiatives to decarbonise heavy trucks through the development of LNG and electric ecosystems, fostering a cleaner mobility sector.

Essar's substantial investment of $3.6 billion emphasises its commitment to low-carbon technologies, including the construction of one of the world's largest low carbon (blue hydrogen) plants and the world's first Green Refinery.

Additionally, a recent deal to develop a 1 Gigawatt Green Hydrogen project in Gujarat solidifies Essar's position as a frontrunner in India's energy transition.

By pioneering eco-conscious practices and investing in innovative technologies, Essar is spearheading a greener future for the nation and also leading the charge towards a more environmentally conscious global economy.

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