Page 6 - Clean Energy

India, Germany to improve cooperation in clean energy, mobility sectors

Ahead of German Chancellor Olaf Scholz's visit to India, New Delhi and Berlin have decided to shore up cooperation in the areas of renewable energy, urban development, agroecology and mobility. Ways to expand engagement in these key areas figured prominently at the development policy negotiations led by India's Department for Economic Affairs and Germany's Federal Ministry for Economic Cooperation and Development, German officials said on Saturday. Both sides agreed to continue their cooperation in the areas of renewable energy, urban development, mobility and agroecology in the coming years, they said. The Indo-German cooperation is strategically guided by the "Partnership for Green and Sustainable Development", which was established in 2022 following talks between Prime Minister Narendra Modi and Scholz. The German chancellor is scheduled to visit India next month. "Germany and India share a long-standing, trusting and strategic partnership," said Barbara Schafer, the head of th

OIL to invest Rs 25,000 cr in clean energy for net zero emissions by 2040

State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects to help achieve the net zero carbon emission goal by 2040, its chairman Ranjit Rath said on Saturday. OIL's net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas as well as setting up renewable electricity generation capacity, building green hydrogen plants and constructing biogas and ethanol plants. The net zero plans will go alongside its target to raise crude oil and natural gas production to 9 million tonnes of oil and oil equivalent gas by 2025-26 from 6.5 million tonnes produced in the fiscal year ended March 31, 2024, he told reporters here. The company also plans to lay an 80-kilometer pipeline to bring natural gas from fields in Arunachal Pradesh to Assam to help replace polluting liquid fuels in transport as well as industries. "Achieving a net zero target involves a bouquet of activities," he said. It already has firmed up plans for

Circularity of critical minerals for India's clean energy transition

The clean energy sector offers significant opportunities for the Indian economy

ISA partners with MIGA to fund Solar Energy projects in Sub-Saharan Africa

MIGA and ISA will work together to launch solar power and distributed energy projects in eligible developing countries

Cabinet approves India's agreement with 14-member IPEF economic bloc

The Union Cabinet has approved the commerce ministry's proposal to sign the 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc's agreements on a clean and fair economy, an official said on Monday. In June in Singapore, 13 IPEF bloc members signed these agreements, while India said it would ink the deals after getting domestic approval. The official, who does not wish to be named, said that the proposal to sign these agreements has been approved by the cabinet in its meeting here on Monday. Agreement on a clean economy intends to accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG (greenhouse gas) emissions mitigation, finding/developing innovative ways of reducing dependence on fossil fuel energy, promoting technical cooperation, workforce development, capacity building, and research collaborations, and collaborate to facilitate development, access, and deployment of clean energy and climate-friendly ..

ReNew signs clean power sale agreement worth 437.6 MW with Microsoft

ReNew on Tuesday announced the signing of a clean power sale contract of 437.6 megawatt (MW) with Microsoft. The contract is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft's aim to become carbon negative by 2030, ReNew said in a statement. "ReNew today announced the signing of a green attribute sale contract of 437.6 MW with Microsoft," it said. ReNew will direct about USD 15 million of revenue from the contract towards a community fund to support environment-focussed initiatives. This work will be delivered in partnership with the ReNew Foundation, the philanthropic arm of ReNew, which works to create sustainable communities through climate action with a focus on women and youth and whose efforts are aligned with Microsoft's Environmental Justice priorities. Puneet Chandok, President, Microsoft India & South Asia, said, "This agreement with ReNew accelerates our progress towards these goals while benefiting local ..

Survey finds half of Mumbai's bakeries using wood, pitches for cleaner fuel

An environmental non-profit has raised concerns over the alarming use of wood as fuel in Mumbai's bakeries, warning that it poses serious health risks to citizens and batting for the adoption of cleaner methods to combat air pollution. The Bombay Environment Action Group (BEAG) surveyed 200 bakeries across the city over six months and found that about 47 per cent of these establishments rely on wood fuel, primarily scrap sourced from furniture stores, for their operations. This practice releases harmful volatile organic compounds (VOCs) and particulate matter (PM2.5) into the air, which leads to asthma and other diseases, BEAG has said in a report. PM2.5 refers to fine particles with a diameter of 2.5 micrometres or less. They can enter the lungs and even the bloodstream, making them particularly harmful to human health. As per the study, the Byculla and Mumbai Central areas (E ward) have the highest concentration of bakeries, with 84 establishments, followed by Andheri (K West war

Goa CM calls for use of biofuels to create future with clean energy

Goa Chief Minister Pramod Sawant on Saturday advocated using biofuels to create a future with clean, accessible and sustainable energy. World Biofuel Day is observed on August 10 to create awareness about biofuels made from agricultural waste, animal waste, algae, trees, crops, etc, which are a cleaner alternative to fossil fuels. In a post on 'X', Sawant said, "Biofuels, made from organic matter, offer a cleaner, greener alternative to fossil fuels, reducing greenhouse gas emission and mitigating climate change." "On this #WorldBioFuelDay, let us pledge to harness the potential of biofuels to create a future with clean, accessible and sustainable energy for all," he wrote.

Budget 2024: FinMin announces Critical Mineral Mission; what we know so far

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the government will soon conduct the first round of offshore mineral auction round under the Critical Mineral Mission

Citigroup expects India to attract $100 billion in foreign Investments

Apart from climate transition, India's forays into electronics and infrastructure-related manufacturing are gaining prominence with investors abroad, an expert said

Experts predict Budget to boost clean energy investments with new measures

The government is expected to announce a slew of measures in the full Budget for fiscal year 2024-25 to promote investments in the renewable energy space, experts say. Finance Minister Nirmala Sitharaman will present the 2024-25 Union Budget in Parliament on July 23. Their expectation is that the government may announce policy-related measures, viability gap funding (VGF) and incentive schemes for the clean energy industry, the experts said. "We expect the focus of the budget to remain green growth based... We expect the budget to focus more on renewables, storage, transmission and distribution network strengthening schemes. "We expect policy measures to incentivise, and to encourage investments in (battery) storage groups," Girishkumar Kadam, Senior Vice President & Group Head - Corporate Ratings, ICRA Ltd said. There is a slow progress being witnessed in pumped storage projects (PSP) space. Some policy bridges need to be announced to expedite the implementation of these projects

The need for hydrocarbon focus

India's green transition must go hand in hand with enhancing private investment in oil and gas exploration

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.