Page 3 - Clean Energy

Copper demand to skyrocket with shift to clean energy sources: HCL CMD

The demand for copper, a key component in electric vehicles, will go up substantially as the world shifts to cleaner energy sources to mitigate climate change, according to Hindustan Copper Chairman and Managing Director Ghanshyam Sharma. By transitioning from fossil fuels to renewable energy sources like solar, wind, hydro, and geothermal, greenhouse gas emissions can be reduced significantly. "As the world transitions to cleaner energy sources...the demand for copper will increase significantly as a vital component in electric vehicles and renewable energy technologies such as solar panels, wind turbines etc," the CMD said in a recent message on the company's website. He further said the company has been given the charge of utilisation of the nation's copper resources in an efficient and sustainable way. India, he said, is committed to achieving net zero emission by 2070. According to ICRA, the domestic refined copper demand growth is expected to remain healthy at 11 per cent in

'Tata Power Renewable Energy accepts bids for multiple-tenor bonds'

The issuer will pay a coupon of 7.93 per cent on both the bond issues and had invited bids for the same earlier in the day

JSW Steel USA to invest $110 mn to modernise plate mill in Baytown, Texas

JSW Steel on Tuesday said its subsidiary JSW Steel USA plans to invest USD 110 million to modernise its steel plate mill in Baytown, Texas with new equipment and sustainable technology. These investments will enable the production of high-quality monopile steel plates to support the US administration's new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030, enough to power 10 million homes with clean energy, the company said. "JSW Steel USA, Inc plans to invest USD 110 million in steel plate mill modernization projects with sustainable technology and state of the art equipment within its manufacturing facilities in Baytown, Texas," JSW Steel said in a statement. Steel products made through this investment are aligned with "Buy America" requirements for niche grades and sophisticated applications such as hydrocarbon pipelines, offshore wind towers and platforms, high-density pressure vessels and monopile steel slabs, JSW Steel said. Parth

India unveils $500 bn investment opportunities in clean energy by 2030

India offers huge investment opportunities worth over USD 500 billion, particularly in clean energy value chain including renewables, green hydrogen and EV, by 2030, the commerce ministry said on Thursday. This was stated by Commerce Secretary Sunil Barthwal, who is in Singapore for the two-day meet of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum. The meeting, which started on Wednesday, brought together the region's top investors, clean economy companies, and start-ups to mobilise investments into sustainable infrastructure, climate technology, and renewable energy projects. The 14-member IPEF bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the

ReNew Energy Global net profit jumps 7-fold to $7 mn in March quarter

ReNew Energy Global Plc on Thursday said its net profit jumped seven-fold to USD 7 million in the January-March quarter of FY24 due to higher income and reduced expenses. The total revenue for the latest fourth quarter decreased by 4.4 per cent to USD 297 million, down from USD 311 million in the same period in the preceding fiscal, according to a company statement. The company attributed the fall in revenue to lower earnings from its transmission projects. The company's net profit for the entire financial year stood at USD 50 million, compared to a net loss of USD 60 million in FY23. The clean energy major registered an 8.1 per cent jump in its total revenue to USD 1,158 million in FY24 from USD 1,072 million in FY23. The company said that the record profits were registered despite a marginal fall in the weighted average Plant Load Factor (PLF) for the reporting quarter as well as the financial year due to lower radiation and wind speeds. While the PLF for FY24 was 26.4 per cent

Hyderabad-based Greenko signs green ammonia supply pact with Norway's Yara

Greenko will supply green ammonia from Phase 1 of its ammonia production facility in Kakinada, India

ESAF SFB to focus on solar rooftop and electric vehicle financing

Climate change remains a significant risk factor for the bank due to its impact on agriculture-dependent customers

Biden govt taps $366M to fund clean energy for native tribes, rural areas

The federal government will fund 17 projects across the U.S. to expand access to renewable energy on Native American reservations and in other rural areas, the Biden administration announced on Tuesday. The $366 million plan will fund solar, battery storage and hydropower projects in sparsely populated regions where electricity can be costly and unreliable. The money comes from a $1 trillion infrastructure law President Joe Biden signed in 2021. U.S. Energy Secretary Jennifer Granholm called the announcement historic at a clean energy tribal summit in Southern California that began Tuesday. This is the largest amount that the Department of Energy has awarded to tribes for energy projects, she said. About a fifth of homes in the Navajo Nation located in northeastern Arizona, northwestern New Mexico and southeastern Utah do not have access to electricity, the U.S. Department of Energy estimates. Nearly a third of homes that have electricity on Native American reservations in the U.

A progressive green growth narrative

For the green initiative to get off the ground, voters first need to be convinced that such investments are socially beneficial

ONGC gets govt clearance for clean energy projects, gas business unit

State-owned Oil and Natural Gas Corporation (ONGC) will set up a new unit to house its gas business and clean energy projects such as green hydrogen, as it looks to fast-track foray into new areas. In a stock exchange filing, the firm said it last month received approval of the Ministry of Petroleum and Natural Gas for formation of a wholly-owned subsidiary company for gas business and clean energy projects. "The proposed name of the company is 'ONGC Green Limited' subject to approval of the Ministry of Corporate Affairs, Government of India," it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business. The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC said. The nation's largest oil and gas producer plans to spend Rs 1 lakh crore on installin

China overtaking European Union in research related to clean-energy: Study

About 22% of the EU's imports came from China in 2022, the paper found, rising in recent years while the equivalent figure for the US declined

Clean energy: Govt, CEOs commit to triple investments in emerging economies

More than 20 ministers and CEOs from various countries including India on Wednesday joined a World Economic Forum alliance to unlock an estimated USD 2.2-2.8 trillion needed for the Global South's clean energy transition. Announcing the launch of the alliance at its Annual Meeting 2024, the WEF said it will provide a platform for developing economies to raise awareness about their clean energy needs, share best practices and sustainably accelerate their energy transitions. The Network to Mobilize Clean Energy Investment for the Global South is made up of over 20 CEOs and government ministers, including from across Colombia, Egypt, India, Japan, Malaysia, Morocco, Namibia, Nigeria, Norway, Kenya and South Africa. The Forum also released a new report, Building Trust through an Equitable and Inclusive Energy Transition, that outlines a framework to guide policy-makers and business leaders from the energy sector towards a just, equitable and inclusive energy transition, particularly in

India Energy Week 2024 to be held in Goa, 35,000 participants expected

The debut edition of IEW was held in early 2023

Critical mineral imports rise as shift towards green energy catches pace

India eyeing self-reliance amid supply risks from China

COP28: Adani Green Energy to invest $22 billion toward India's 2030 goal

Electricity demand is growing 7% annually, dwarfing expansion in other economies. This led the govt to mandate the addition of both renewable and thermal capacity to prevent blackouts, the CEO said

RIL, Adani, JSW group, L&T enter race for green H2 and electrolyser

Most of the companies participating in the SECI tenders have already chalked out plans for the green hydrogen business and would use this tender as an initial plank

AmpIn Energy Transition plans Rs 3,100 cr investment in Eastern region

AmpIn Energy Transition on Friday announced plans to invest Rs 3,100 crore in states including Bihar, Odisha and Jharkhand. The investments will be made towards setting up renewable energy projects of about 600 MW and a 1.3 GW integrated manufacturing facility of solar cells and modules, the company said in a statement. "Significant investments are planned in West Bengal, Bihar, Odisha, Jharkhand, Chhattisgarh and the Northeastern states. The investment reflects our commitment of accelerating the renewable energy transition and adoption of clean energy solutions in the Eastern region," the company said. In the Eastern region, the company said it already has the largest solar open access portfolio of 200 MWp, the largest utility power purchase agreement (PPA) with CESC for a 250 MWp of wind solar hybrid project. The company is serving marquee customers in the region across diverse sectors such as steel and cement, IT and data centre, heavy engineering, FMCG, utility etc through its

Vietnam to spend $15.5 bn for clean energy transition, to announce at COP28

A plan for how Vietnam will spend USD 15.5 billion to transition to cleaner energy has been finalised and will be announced at the COP28 climate conference, which begins in Dubai next week. Mark George, the climate counsellor for the British Embassy in Hanoi, said that after months of coordination with key Vietnamese ministries to iron out details of how the money will be used, the final plan was finalised on Thursday. George gave no details of the plan. The United Kingdom is co-chair of a group of nine, rich industrialised nations that have agreed to provide the USD 15.5 billion to help Vietnam end its reliance on dirty coal power and more quickly switch to renewable energy as a part of a Just Energy Transition Partnership, or JETP. That is a really important milestone, said George. George was speaking at a panel discussion hosted by the UK-Vietnam Joint Economic and Trade Committee centred around opportunities for the two nations after Britain officially joined an Asia-Pacific t

'Volvo India aims to have 50% vehicles to run on non-fossil fuel by 2030'

Volvo India aims to have 50 per cent of its vehicles to be powered with non-fossil fuels by 2030, a senior company official said on Thursday. While speaking at Digital Acceleration and Transformation Expo (DATE), Volvo Group President and Managing Director in India Kamal Bali said that the company has set a target to become net zero in terms of carbon emission by 2040. "At Volvo, we have set target that by 2030, 50 per cent of our vehicles will be non-fossil fuel-based. They will be non-polluting. Balance 50 per cent will become non-zero emission by 2040," Bali said. He said that transport industry accounts for 20 per cent of world's total green house gas emissions and if automobile companies take pledge to reduce emissions then it will bring huge change in the environment. "We have also taken pledge that 35 per cent of all employees at leadership level and other levels will be women. We see this as part of sustainability," Bali said.

Defence shipyard GRSE to develop electric tugs 'E-VOLT 50' with partners

Garden Reach Shipbuilders and Engineers (GRSE) Ltd, a leading defence shipyard, has signed a memorandum of understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech), and the American Bureau of Shipping (ABS) to develop electric tugs named E-VOLT 50. This project seeks to mitigate carbon emissions, enhance operational efficiency, and establish new benchmarks for performance and environmental sustainability within the tugboat industry in a step towards India's aspiration to become the 'global hub for green shipbuilding' by 2030. GRSE will construct the tugboat based on the design by Seatech, while Shift will provide energy storage solutions. ABS will oversee the construction and design process, ensuring adherence to all applicable regulatory standards, thereby certifying safety, reliability, and compliance, the company informed the bourses. "The 'E-VOLT 50' represents a bold step towards a cleaner and greener future for maritime sector. By harnessi