Page 7 - Clean Energy

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.

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