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Sustainability Outlook Headlines

India likely to propose transnational solar grid at upcoming COP26

India is likely to make a proposal for a global solar power grid to address climate change goals at the upcoming COP26 negotiations. It also proposes to announce a major jump in its renewable energy target, closer to 450GW.

The plan, called 'One Sun, One World, One Grid' (Osowog) - a transnational solar power grid - will be projected as a game changer to help meet climate change goals. ET has gathered that high level discussions are on regarding the proposal.

"The fundamental concept behind Osowog is to develop a transnational grid that will be laid all over the globe to... Read more..

Source: Economic Times

Ola Electric raises over $200 million

Ola Electric Mobility Pvt. Ltd has raised more than $200 million in a round led by SoftBank and Falcon Edge, among others, at a valuation of $3 billion, bolstering its plans to enter new vehicle categories.

The electric scooter maker plans to use the capital to develop other EV platforms such as electric motorcycles, mass-market scooters and an electric car, it said in a statement on Thursday.

“India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones... Read more..

Source: Live Mint

BP leads $25 Mn funding round in EV ride-hailing start-up BluSmart

BP Ventures has made its first direct investment in India by pumping in USD 13 million in integrated EV ride-hailing and charging company BluSmart.

It led a USD 25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors, the firm said in a statement.

"BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years," it said.

The statement, however, did not say the funding will... Read more..

Source: Business Standard

Sterling and Wilson Solar bags Rs 1,500-crore order for waste-to-energy project

Sterling and Wilson Solar on Thursday said it has bagged an order worth Rs 1,500 crore for its waste-to-energy project from a developer of energy assets in the UK and Europe.

According to the official press release, the facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour, diverting over 185,600 tonnes of waste each year.

It will generate 19.6 MW of energy, enough to power over 30,000 homes and will also provide heat that can be used by nearby businesses.

Source: Economic Times

Technology to enhance biogas production of Fat-rich sludge from dairy industry developed

Indian Scientists have developed a novel high-performance bioreactor system integrated with sustainable pre-treatment process for enabling anaerobic digestion of complex fat-rich sludge from dairy industry. It has been further integrated with membrane bioreactor based-wastewater treatment to enable zero liquid discharge in the dairy industry.

This technology has been developed by Dr. Sandeep N. Mudliar at CSIR-CFTRI Mysore with support from the Waste Management Technology program of the Department of Science & Technology (DST), Government of India, with in-kind support from M/s... Read more..

Source: PIB

Unique technology for direct generation of Hydrogen from agricultural residue developed

Indian researchers have developed a unique technology for direct generation of Hydrogen from agricultural residue. This innovation by Indian researchers can promote eco-friendly hydrogen fuel-cell electric vehicles by overcoming the challenge of hydrogen availability.

India has set a target of 60% renewable energy of about 450 GW by 2030. To achieve this feat, in the current scenario, researchers all over the world are working towards renewable energy solutions which should be sustainable with a limited carbon footprint. One of the most economical ways to achieve this is to produce... Read more..

Source: PIB

Philip Morris Signs $2.5 Billion “Transformation-Linked” Facility, Tying Debt Costs to Smoke-Free Goals

Philip Morris International Inc. (PMI) (NYSE: PM) announces that on September 29, 2021, the company entered into an agreement for its first financing instrument following the issuance of its August 2021 Business Transformation-Linked Financing Framework (Framework). The new revolving credit facility (Facility) provides for borrowings up to an aggregate principal amount of USD 2.5 billion and expires on September 29, 2026, unless extended as per the terms of the credit agreement.

"We are pleased with the broad engagement and support of lenders for our first business transformation-... Read more..

Source: Yahoo Finance

Ericsson signs USD 2 billion sustainability-linked revolving credit facility

Ericsson (NASDAQ: ERIC) has signed a USD 2 billion sustainability-linked revolving credit facility, renewing an undrawn USD 2 billion credit facility signed in 2013. The successful transaction underlines the confidence in Ericsson’s financial and sustainable performance and the facility is backed by a group of leading global and regional banks.

The renewed facility has a clear link to Ericsson’s sustainability work for a better world and its interest margin will be linked to two of Ericsson’s sustainability KPIs. The first KPI is tied to carbon neutrality in Ericsson’s own... Read more..

Source: Ericsson

Ministry of Power Redesigns Renewable Energy Certificate (REC) Mechanism; Floor and forbearance price limits removed; REC prices to be determined by Market conditions

Union Minister of Power and New & Renewable Energy, Shri RK Singh has given his assent to amendments in the existing Renewable Energy Certificate (REC) mechanism. The intent behind this decision is to align the ‘mechanism’ with the emerging changes in the power scenario and also to promote new renewable technologies.

The proposed changes will provide some flexibility to the players, additional avenues, rationalization and also addressing the RECs validity period uncertainty issues. Extensive stakeholder consultations have been held towards drawing up these changes. The Ministry... Read more..

Source: PIB

BPCL planning to set up 1,000 EV charging stations

) plans to add 1,000 electric vehicles (EV) charging stations in the ‘short term’ to tap new business opportunities and as a ‘hedge against displacement of auto fuels’, chairman Arun Kumar Singh said.

BPCL operates only 44 EV charging stations currently but a plan to add another 1,000 charging stations means the company wants to be ready should EVs gain in popularity going forward.

The company plans to offer multiple fuelling options at 7,000 petrol pumps, or about a third of its network of 19,000 outlets, to facilitate owners of vehicles powered by gas,... Read more..

Source: Economic Times

Ather Energy extends free charging till December 2021: 500 fast chargers by March 2022

Ather Energy essentially kick-started the premium electric scooter segment in India with its 340 and 450 electric scooters. Interestingly, the lower-spec 340 was later discontinued due to poor demand and the company then went on with its 450 product line. The 450 was updated later as the 450 Plus and in addition, the brand also rolled out a more performance-oriented version of the same called the 450X. Now, one good thing about the Bengaluru-based start-up has been the fact that it is putting equal focus on the expansion of its charging infrastructure called Ather Grid.

Till now,... Read more..

Source: Financial Express

DVC plans Rs 15,000 crore investment for solar and pump storage facilities

Damodar Valley Corporation (DVC), the three-way joint venture of the Union, West Bengal and the Jharkhand governments, will invest over Rs 15,000 crore for creating 2,000 MW of solar portfolio and a 1,500 MW (6×250 MW) pump storage project. The investment, aimed at offering a better mix of thermal, hydel and solar power to its present industrial consumers also envisions catering to domestic consumers making use of the open access.

DVC, at present having an installed capacity of 6,897 MW and managing four dams, wants a JV with NTPC for implementing the solar power projects, to come... Read more..

Source: Financial Express

Large-scale reactor developed for cost-effective production of hydrogen using sunlight and water

A team of scientists have, for the first time, developed a large-scale reactor which produces a substantial amount of hydrogen using sustainable sources like sunlight and water, which is a cost-effective and sustainable process.

India has set a target of 450 GW of renewable energy by 2030. To achieve this feat, in the current scenario, researchers all over the world are working towards renewable energy solutions which should be sustainable with a limited carbon footprint. One of the most economical ways to achieve this is to produce hydrogen at a large scale through photocatalytic... Read more..

Source: PIB

Indian aviation company JetSetGo to make flight operation carbon neutral by 2024

India’s leading private aviation company, JetSetGo on Tuesday announced its ambitious target to develop a carbon management programme to make flight operations carbon neutral for all its flights by 2024.

The programme being implemented in partnership with Auroville Consulting, a provider of ecological and socially-responsible consultancy services, would have a two-pronged approach; first to reduce emissions by implementing innovative technological solutions, and second by neutralizing the remaining emission through an active carbon offset strategy.

The company has set up a... Read more..

Source: The Statesman

Shipping Minister Sonowal reiterates commitment to enhance share of renewable energy to 60 per cent of power demand at major ports

Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal has said that India intends to increase share of renewable energy to 60% of total power demand of each of its major port from present share of less than 10%. This will be through solar and wind generated power. Virtually addressing the high level session on IMO-Norway Green Voyage 2050 Project in New Delhi today, he said, 50% of port equipment will be electrified by 2030, and all ports shall supply shore power to all visiting ships in a three-phased manner by that time. The ports have also aimed to reduce Carbon... Read more..

Source: PIB

IREDA in the process of setting up a debt fund as Alternate Investment Fund (AIF) to tap large Institutional Investors

The 34th Annual General Meeting (AGM) of Indian Renewable Energy Development Agency Ltd. (IREDA), the PSU under Ministry of New & Renewable Energy, held today here. Annual accounts for financial year 2020-21 were adopted at the AGM.

Addressing the Shareholders, Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA highlighted that, “despite the pandemic regime, IREDA completed the FY 2020-21 on second highest loan disbursements (since inception) amounting to Rs. 8,827 Crore, highest ever Profit Before Tax of Rs. 569.52 Crore with an increase of 136.20% over the... Read more..

Source: PIB

Private sector should focus on Sustainable Development Goals: Kant

Niti Aayog chief executive officer Amitabh Kant on Tuesday called upon all private sector players to focus on Sustainable Development Goals (SDGs) and become green companies of the future which would help them access capital at low rates.
Kant was speaking at one of the virtual sessions of a day-long SDG Summit. The summit saw participation from heads of various companies across sectors.

He said to meet the targets under the SDG framework on time, India needs to progress faster on nutrition, learning outcomes, women's active participation in the economy, employment for all... Read more..

Source: Economic Times

Zypp Electric raises about USD 7 mn in Series-A funding round

Zypp Electric, a hyperlocal and EV-based last-mile delivery startup, has raised around $7 million in a Series A round, co-led by 9Unicorns and Anthill Ventures, the company said in a statement on Tuesday.

The round also witnessed participation from family offices and early-stage funds; Nanavati Family Office, We Founder Circle, Silicon Valley based Riso Capital Fund, Dholakia Ventures along with existing investors Venture Catalysts and IAN Fund. Angel investors including Tarun Saraf of Warehouse Now, Rahul Khera of AWL logistics; Arjun Seth, Mark Joseph, both EV enthusiasts also... Read more..

Source: Live Mint

KKR-backed firm raises Rs 460 crore in India's first renewable InvIT

India’s first and only renewable energy InvIT (Infrastructure Investment Trust) Virescent Renewable Energy Trust (VRET) has raised Rs 460 crore from foreign and domestic investors in its first round of funding.

VRET was floated in February this year by Virescent Infrastructure, which was set up in 2020 and is backed by global investment firm KKR.

“We look forward to drawing on the global investment management expertise of our investors as we continue to acquire high-quality assets for achieving our initial growth targets. Our endeavour is to support the government in... Read more..

Source: Business Standard

Investors with $4 trillion assets aim to tackle Asian firms on climate change goals

A group of six investors with a combined $4 trillion of assets under management, including Fidelity International, said on Wednesday it aims to step up engagement with big Asian companies like banks and energy producers to ensure they have a road map to meet climate change targets.

Initial engagement will focus on carbon risk and coal at banks and coal-exposed power companies, the group of investors, facilitated by Singapore-based advisor Asia Research & Engagement (ARE), said in a statement.

The move comes as investors become more active in the field of environmental,... Read more..

Source: Economic Times

Waaree Energies files DRHP with Sebi for IPO; to raise Rs 1,350 crore for expansion

Waaree Energies, India’s largest solar module manufacturer, has filed a draft red herring prospectus with markets regulator Securities and Exchange Board of India (Sebi) to raise Rs 1,350 crore via initial public offer (IPO). The issue will also have offer for sale by promoters.

The proceeds from IPO will be used for setting up a 2 GW per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat. Around Rs 978.36 crore will be used for the solar cell manufacturing unit and Rs 184.23 crore will be used for PV module unit... Read more..

Source: Financial Express

11 thermal plants around Delhi directed to co-fire biomass pellets

The Centre's air quality commission has directed all 11 thermal power plants within a 300-km radius of Delhi to co-fire biomass pellets with coal, saying this can utilise millions of tonnes of biomass, address the issue of stubble burning and reduce air pollution. Paddy straw burning is a matter of grave concern in the National Capital Region and its adjoining areas. Ex-situ utilisation of paddy straw is an important strategy among various means to prevent and control its burning, the Commission for Air Quality Management (CAQM) said. "The commission directs all the 11 thermal power plants... Read more..

Source: Business Standard

Govt aims to tap solar energy to power cold chain facilities

India plans to tap its ambitious solar programme to offer uninterrupted power to cold-chain facilities for storing vaccines in what would be a major boost to the nationwide covid-19 vaccination exercise. The plans to use solar power assume importance given unreliable electricity supply in several parts of the country, especially rural India. The country has set an aim to have 100GW of solar power generation capacity by 2022, with a significant focus on rooftop solar and decentralised solar installations. On the vaccination front, nearly 880 million covid-19 vaccine doses have been... Read more..

Source: Live Mint

IGL and SDMC Ink MoU to Establish Waste to Energy Plant

Indraprastha Gas Limited (IGL) today signed a Memorandum of Understanding with South Delhi Municipal Corporation (SDMC) to establish waste to energy plant in Delhi to convert Municipal Solid Waste into Compressed Bio-Gas (CBG) for use as fuel for running vehicles. The MoU was signed in the presence of Mr. Hardeep Singh Puri, Union Minister of Petroleum & Natural Gas and Housing and Urban Affairs, Mr. Anil Baijal, Lt. Governor, Delhi, Mr. Rameswar Teli, Union Minister of State for Petroleum & Natural Gas and Labour & Employment, Mr. Tarun Kapoor, Secretary, Ministry of Petroleum... Read more..

Source: PIB

Green rides help Delhi Metro earn Rs 19.5 cr through carbon credits in 6 years

The Delhi Metro Rail Corporation (DMRC) has earned Rs 19.5 crore in six years from the sale of 3.5 million carbon credits.

These credits are tradable certificates, which enables DMRC to sell credits earned from its greenhouse gas (GHG) emission-reducing projects to other organisations, who need to compensate for their GHG emissions.

Anuj Dayal, executive director (corporate communications), DMRC, said that Delhi Metro became the first Metro or railway project in the world to be registered by the United Nations under the clean development mechanism (CDM) in 2007, which enabled... Read more..

Source: Economic Times