Ready-mix concrete company UltraTech Cement Limited aims to increase its green energy share to 85% by 2030, triple its green energy share to 60% by FY2026, and meet 100 of its green energy needs through renewable energy by 2050. % of electricity demand. The company has a total green energy installation capacity of 691 MW, of which 262 MW comes from waste heat recovery systems and 429 MW from contracted renewable energy. UltraTech is also exploring carbon capture, utilization and storage (CCUS) with startups CarbonOrO, Coomtech and Fortera.
GreenCell Mobility, a pioneer in the electric vehicle (EV) space, has signed a power purchase agreement and made a strategic equity investment in a 1 MW wind-solar hybrid captive power plant in Ratlam, Madhya Pradesh. This measure will reduce CO2 emissions by approximately 38,000 tonnes over the life of the buses and is in line with GreenCell’s long-term ambition to become a net zero company. The company is also exploring the deployment of battery energy storage solutions to ensure end-to-end green operations.
BluPine Energy has secured a green loan of Rs 511 crore for its 120 MW solar project in Gujarat, contributing to India's clean energy goals and underlining its commitment to innovation and environmental responsibility. The total investment in the project is 6.65 billion rupees ($80 million). The solar farm is expected to generate 323,000 MWh of solar energy per year, offset 296,000 tonnes of CO2 emissions and power 270,000 homes. The electricity generated will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL) under a power purchase agreement for a period of 25 years.
India is facing a surge in extreme climate events and insufficient global climate action. The Carbon Credit Trading Scheme (CCTS) and the Green Credit Plan (GCP) were launched under the "Environmentally Friendly Lifestyle" initiative to promote sustainable development and reduce carbon emissions. The CCTS aims to create an Indian carbon market that is aligned with India’s emission reduction targets and vision to achieve net-zero emissions by 2070. GCP focuses on restoring natural resources and building resilience, especially in rural India. These initiatives provide businesses with the opportunity to invest in climate and sustainability measures.
The Techno-Industrial Development Zone Authority (TIDZ) has called for a public-private partnership to develop solar power projects at 37 sites in five Techno-Industrial Development Zones. The contracts cover the design, construction, operation and financing of the Skopje 1 and Skopje 2, Štip, Strumica, Prilep and Struga photovoltaic power plants. The investment is worth €40 million and has a peak capacity of 50 MW. The government will receive a portion of the revenue and is expected to collect an additional €14 million in land use fees.
Dubai Vice President and Prime Minister Mohammed bin Rashid Al Maktoum inaugurated the hybrid solar facility at the photovoltaic park named after him. Phase 4 includes the largest concentrated solar power facility on Earth, with 700 MW of capacity and 250 MW of photovoltaic capacity. The solar park aims to reach 5 gigawatts, including thermal and green hydrogen. Phase 4 is worth $4.3 billion and features record-height solar towers and the world’s largest thermal energy storage capacity. The inauguration coincides with Dubai hosting the 28th Conference of the Parties (COP28), the United Nations climate change conference.