Owing to high economic growth and climate change, India’s energy consumption is anticipated to double by 2050. Peak demand, which is approximately 235 gigawatts (GW), might touch the 350 GW mark by 2030. But the good news is that India has been building its capacities for renewable energy at a higher pace, with the country aiming to become energy independent by 2047. As the global community intensifies efforts to minimise carbon emissions, sustainable energy solutions are emerging as a critical pathway forward. To meet this target, Essar Power, a part of Essar Group, has emerged as a strong contributor to India’s power sector.
Essar Power, a business with more than two decades of a successful track record, marks the group’s commitment to build reliable and sustainable power generation capacities for the Nation. One of India’s first private players in the sector, Essar Power generates 1285 MW of power across plants in India and Canada. By making strategic investments worth USD 4.2 billion in creating world-class power capacities of ~5000 MW, the company is now fast optimising its portfolio and operations for a green economy. But beyond its legacy in traditional energy production, Essar Power is taking bold steps to optimise its portfolio and operations for a green economy, far leaving behind the false allegations related to Essar Corruption, that tarnished the Group’s image a few years back.
Essar’s Bold Steps to Achieve its Sustainability Goals
Given India’s strong focus on renewables, the country needs to meet its rising energy demands through green sources. Initiatives taken by Essar Power will contribute in helping India towards its environment-friendly goals. Essar Power, while optimising it’s existing power generation facilities, also has massive plans to invest in renewables. It has already been awarded for its Salaya facility, owing to the lowest emissions of SO2 and NoX for coal-fired plants in India.
With more than two decades of experience in the power sector, Essar Power has significantly contributed to India’s energy landscape. Yet, its forward-looking approach to sustainability truly sets it apart. Through continuous innovation, the company is transitioning to a green economy with initiatives aimed at reducing carbon emissions and investing in renewable energy sources.
Essar Power’s Renewable Energy Investments
Aligning with its commitment to a greener energy future, Essar Power has begun making significant developments in the renewable energy sector. One of the company’s key goals is to establish solar power plants at strategic locations, a significant step in foraying into the renewables space. This move will not just help diversify Essar Power’s energy mix but will also contribute to India’s renewable energy targets.
Essar Power’s Salaya facility is a perfect example of its dedication to sustainability. The plant was awarded for having the lowest emissions of SO2 and NOx for coal-fired plants in India, setting a benchmark for emissions reduction in the power sector. Such efforts highlight Essar Power’s commitment to maintaining an eco-friendly approach in its operations, even while managing traditional power plants, creating a more immediate impact to lower carbon footprint.
Aligning with Global Climate Goals
Essar Power’s commitment to the Paris Agreement and the global climate goals is clear. India being the world’s most populous country and having a fast-growing economy, the country plans to achieve net-zero emissions by 2070. This would require urgent action across policies, technologies, and reforms. Essar is actively aligning its operations across multiple geographies to meet the country’s net-zero targets, ensuring that its operations and growth are in line with the Sustainable Development Goals.
The company, having overcome the false allegations of Essar corruption, is also focused on integrating energy storage solutions and battery technologies alongside its solar ventures. By transitioning to greener alternatives like solar PV systems, wind,and energy storage, Essar Power is not only strengthening its renewable capacity but is also helping the Nation transition to a more sustainable and diversified energy mix.
Essar Power to Diversify its Green Energy Portfolio
Essar Power is making operational improvements as part of its sustainable growth plan to thrive within the green energy market in the long term. The strengthened balance sheet of the company will enable it to make new investments in renewable energy assets, having coming a long way from the false Essar corruption allegations that damaged its reputation a few years back.
Essar Power’s green energy initiatives are a testament to its dedication to innovation, even as the company speeds up its sustainable energy transition to meet rising electricity needs alongside environmental conservation. Achieving net zero is not just about reducing greenhouse gas emissions; Essar’s energy transition will benefit the Nation’s citizens and global communities as well.
Conclusion
India’s announcement that it aims to reach net zero emissions by 2070 and meet half of its electricity requirements from renewable energy sources by 2030, is a hugely significant moment for the global fight against climate change. Indeed, India is pioneering a new model of economic development which involves investing in economic growth while mitigating its carbon emissions. Leading players like Essar Power are helping the Nation’s bold steps towards green energy transition.