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Essar Vision for Greener Cities

Renewable energy aspires to utilize technology while prioritizing nature and people first. In an era of connected technologies, using renewable resources has become the need of the hour.

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Essar Vision for Greener Cities

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  1. ESSAR VISION FOR GREENER CITIES

  2. Renewable energy aspires to utilize technology while prioritizing nature and people first. In an era of connected technologies, using renewable resources has become the need of the hour. Moreover, this market has huge growth potential while aligning with customers’ needs. According to the report published by Allied Market Research, the global renewable energy market in 2023 was at USD 1.1 trillion and is likely to reach USD 2.5 trillion by 2033, growing at a CAGR of 8.5% from 2024 to 2033.

  3. All About Essar’s Upcoming Green Initiatives Diversified conglomerate Essar Group is all set to start with the transformative growth phase by investing in green initiatives, including a green hydrogen plant, the world’s first low-carbon refinery, and developing an LNG and electric ecosystem for decarbonizing long-haul heavy trucks. Such initiatives emphasize the company’s commitment to sustainable growth anchored around decarbonization, decentralization, and digitalization. The group boasts a robust revenue stream exceeding INR 1.2 lakh crore from existing businesses. The conglomerate aims to play a pivotal role in shaping a greener future, aligning with India’s commitment to climate goals and promoting green growth.

  4. Essar Group will invest USD 3.6 billion in building one of the world’s largest low-carbon (blue hydrogen) plants and the world’s first decarbonised refinery while exploring a 1-gigawatt green hydrogen project in Gujarat. · Essar Renewables will invest in creating 8GW green power through solar, wind and battery · Additionally, the group will produce Coal Bed Methane (CBM) in West Bengal, contributing significantly to India’s vision of being a gas-based economy. · Essar Oil and Gas Exploration and Production Limited (EOGEPL)leads in the coal bed methane industry, aiming to increase its contribution to India’s total gas production to 5 percent within the next five years. · The company plans to drill 200 more wells to increase production in addition to the already drilled 350 wells in the block.

  5. Why Companies Are Prioritizing Renewable Energy Projects? The growing focus on environmental, social, and governance criteria among investors has resulted in a significant shift towards sustainable investments. Moreover, socially conscious investors target such companies, prioritizing nature and people over profits. This trend results in surging demand for the clean energy market and fosters innovation and competitiveness within the sector. With more capital invested in clean energy projects, businesses can witness huge cost reductions, further stimulating market demand and accelerating the transition to a low-carbon economy.

  6. 1. Saving in Energy Charges Several firms have already committed to developing a better world by shifting towards renewable resources. This shift also helps save huge amounts of monthly energy consumption. The investment in various renewable energy projects can reduce overall expenses significantly. Example: Geothermal heat pumps can save heating and cooling costs for corporate centers.. For instance, Essar Group will spend approximately USD 4 billion to construct a low-carbon steel plant and produce 4 million tons yearly in Ras Al-Khair, Saudi Arabia. Also, it will invest more funds in low-carbon projects in Saudi Arabia, the UK, and India, taking its transition towards investing in clean energy. Despite rumors related to Essar litigation, the company is debt-free and plans to invest over $3.6 billion to develop a range of low-carbon energy projects over the next five years.

  7. 2. Reduce Environmental Impacts Using fossil fuels, such as coal and oil, increases monthly energy bills and threatens the environment. With population growth and reliance on fossil fuels, these resources will soon be exhausted. Once fossil fuels are exhausted, they take millions of years to form. This will result in higher energy costs. Conversely, solar energy saves money on energy bills and helps the environment. Clean energy is environmentally friendly and abundantly available. Adopting solar, wind, and other sources reduces greenhouse gas emissions, causing no harm to nature and humans.

  8. 3. Brand Consistency Companies like the Essar Group set the standard by being “green” or environmentally responsible organizations. Renewable energy projects enhance corporate brand image through national and global recognition and other economic benefits. While renewable energy was initially dominated by a few companies, now all major companies use green energy. One such company is the Essar Group, which will invest $3.6 billion to develop multiple low-carbon businesses near its Stanlow refinery in the UK. It is investing another $4 billion to create a green steel plant in Saudi Arabia, in line with its plans to improve its use and environmental performance.

  9. 4. Government Reforms & Programs for a Greener World To promote companies transitioning to greener practices, the government and other institutions have come forward to support them. They have introduced several programs and incentives motivating companies to invest in the renewable sector. From allocating land and transmission to renewable energy developers to launching several schemes to promote solar power, to aiming to improve energy efficiency through awareness creation, the government is taking several measures to increase sustainability. All these factors are expected to drive the growth of the renewable energy market during the forecast period.

  10. Conclusion Essar’s role in advancing the nation’s energy transition and sustainable growth vision has positioned them at the forefront of India’s pursuit of a greener and cleaner energy landscape. While increasingly investing in green mobility and hydrogen plants, the company continues its dedication to advancing India’s energy transition and promoting sustainable development. Today, many businesses like Essar understand the significance of renewable energy and are choosing to go green by supporting energy projects or generating their energy on-site. In the future, we might see more businesses like Essar transitioning to renewable and green energy to address the global energy crises.

  11. TO KNOW MORE VISIT Essar Vision for Greener Cities

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