Satija calls for innovative sourcing and financing models for renewable energy
Several initiatives are being taken by the Indian Mining & Metals Industries to achieve decarbonization targets by 2030 though these may look huge, says Jatin Parekh, Managing Director, Fortran Steel.
Green hydrogen and solar have moved from buzzwords to become the future of the steel industry, while the industry is also setting up its Renewable Energy (RE) capacity by collaborating with the RE developers for captive consumption, he told an industry interactive session on 17 Aug 2023.
With increased adoption of RE, the industry is not only reducing its emissions but also revolutionizing production processes, Parekh pointed out at the session organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) and Hero Futures Energies.
The session, ‘Renewable Energy Adoption in Indian Mining and Metals Sector’, highlighted that the role of renewable energy in the mining and metals sector is multifaceted and can have significant impacts on the industry’s vision for sustainability and environmental goals.
The discussions acknowledged that many corporates and industries in India have committed to adopt green energy and are looking for solutions best suited to their operations.
Renewable energy solutions are now transiting towards firm renewables (with elements like round the clock energy supply, energy storage) and green molecules (comprising of green hydrogen, user-producer partnerships), according to R Sundar, Business Head – India C&I, Hero Future Energies.
He highlighted that the pricing of RE solutions for industries like mining and metals is expected to further reduce and mature due to enhanced demand and collaborations.
He also highlighted the six energy megatrends, which include SDG and net-zero; RTC; green molecules; cross-border trade; protectionism and energy efficiency.
The mining and metals industry along with RE developers are working in a collaborative manner towards the net-zero targets of the industry, noted Pankaj Satija, Co-Chair, FICCI Mining Committee and Managing Director, Tata Steel Mining Ltd.
But he called for innovative sourcing and financing models for RE to support the journey of the metals industry towards decarbonization.
There is a huge potential for RE in the western region, with a special focus on Maharashtra as it has abundant wind resources, sunshine, a robust grid mechanism and conducive policy frameworks, added Animesh Sharma, Head of Business Development – India C&I, Hero Future Energies.
He further mentioned the encouraging policies within Maharashtra in terms of the ED waiver for 10 years, stamp duty waiver on land for RE projects, single window clearance, etc.
With cement production projected to be 1,400 MTPA by 2050, the year by which the industry hopes to become net-zero, there would be a demand for around 50GW of green power from the industry, elaborated K N Rao, Corporate Head – EHS, AFR, Energy Sustainability, MyHome Industries.
He suggested that the policy framework and the approach should be strategized accordingly, both by the RE industry as well as the cement producers, to meet the forecasted demand for renewable solutions in the industry.
With the series of initiatives taken by the government, the renewable energy (RE) capacity in India stands at 179GW as of July 2023. Fiinews.com
