Essar partners with FICCI for India’s Energy Transition Summit 2023

Essar sponsored the Federation of Indian Chambers of Commerce and Industry (FICCI) for India’s Energy Transition Summit 2023 in Delhi, which took place on the 25th and 26th of September 2023. The India Energy Transition Summit 2023 organised a series of impactful addresses from key figures in India’s energy sector. The dignitaries outlined the nation’s commitment to combat climate change. Additionally, discussed the pivotal role of hydrogen in India’s energy future and encapsulated key insights from the discussion and their significance.

The Summit witnessed extremely enlightening discussions through various panel discussions over a period of two days and was attended by senior government officials as well as stalwarts from the industry. Some of the prominent personalities that were present included Sh. R K Singh, Hon’ble Cabinet Minister of Power and New & Renewable Energy, Government of India, Sh. Bhupinder Singh Bhalla, Secretary, Ministry of New and Renewable Energy, Government of India, H.E. Sh. Didier Vanderhasselt, Ambassador of the Kingdom of Belgium to India and H.E. Dr Philipp Ackermann, Ambassador of the Federal Republic of Germany to India to name a few.

Our Hon’ble Cabinet Minister of Power and New & Renewable Energy, Government of India, Sh. R K Singh set the agenda by underscoring India’s robust strategy to combat climate change, noting that “India has more than doubled its installed renewable energy capacity in the last five years and has set an ambitious target of achieving 500 gigawatts of renewable energy capacity by 2030.” He also highlighted India’s commitment to achieving net-zero emissions by 2070, as announced at COP26. His message showcased India’s dedication at creating a sustainable and clean energy future.

In line with the theme of the summit ‘Energy Transition’, the Essar Group is on a journey of Energy transition across all its businesses in different geographies of the world. The company also recently formed ‘Essar Energy Transition’ (“EET”) which will play a crucial role in Essar’s green foray. EET has plans to invest a total of US$3.6 billion in developing a range of low carbon energy transition projects over the next five years, of which US$2.4 billion will be invested in the UK and US$1.2 billion in India. With these initiatives and major developments, the summit also seen prominent presence from senior officials of the Essar Group.

Moderating a Panel discussion on ‘International Collaboration for Energy Transition in India, Sh. Sunil Jain, Operating Partner – Energy Transition, Essar Capital, emphasized India’s proactive stance on energy transition stating “India’s commitment to addressing climate change by setting ambitious targets for 2030, including the goal to meet 50% of India’s electricity requirements through renewable energy sources, serves as a beacon for other nations to emulate”.

He also stressed on the importance of collaboration, saying, “Tackling climate change is a complex and global challenge that necessitates united efforts from various sectors of the society.” Furthermore, he highlighted the responsibility of developed nations in supporting developing countries, emphasizing the need for financial and technological assistance. H.E. Vincenzo de Luca, Ambassador of Italy, New Delhi was the Guest of Honour for this panel discussion and Sh. Dinesh Jagdale, Joint Secretary, Ministry of New and Renewable Energy, Government of India gave the keynote address.

In another informative panel discussion on ‘Developing a Sustainable Green Hydrogen Ecosystem: Key Enabling Factors’. Sh. B C Tripathi, Former CMD, GAIL India Ltd. And Non-Executive Chairman, Essar Exploration and Production Ltd Mauritius, outlined the pivotal role of hydrogen in India’s energy transition through his Theme address, stating that “the government’s ambitious hydrogen mission, aiming to produce 5 million tons of hydrogen by 2030, provides a clear roadmap for the nation’s hydrogen aspirations.” He stressed the need for investments in enabling technology and infrastructure, financing mechanisms, and market incentives. He also highlighted the importance of targeting sectors like refineries for early hydrogen adoption. This panel discussion was moderated by Sh. Anish Mandal, Partner, Deloitte India and Dr. Parvinder Maini, Scientific Secretary, Office of Principle Scientific Advisor, Government of India provided the Keynote address.

Day two consisted of discussions and addresses on Energy transition across Industries. Speaking on behalf of Renewable Energy developers, Sh. Kush, Chief Executive Officer, Essar Power, brought to light the crucial role of technology in India’s transition to renewable energy. He emphasized the need for round-the-clock, reliable, and affordable renewable energy sources to meet the country’s growing power demands. He also spoke about the potential of small modular nuclear reactors, particularly thorium-based reactors, as a sustainable energy solution. He further urged the government to support private entrepreneurs and developers in acquiring the best technology to make India self-sufficient in energy production. With abundant thorium reserves and cutting-edge technology, India has the opportunity to become a global exporter of clean energy. Sh. Kush’s vision aligns with the call for self-reliance and technological advancement advocated by India’s Honorable Prime Minister. This forward-looking approach aims to not only meet domestic energy needs but also contribute significantly to the world’s renewable energy market.

The FICCI India Energy Transition Summit 2023 showcased India’s leadership, progress, and vision for a sustainable and hydrogen-powered future. This platform served as a compelling call to action for the international community and highlighted the importance of collaboration, financial support, and market incentives in achieving these goals. India’s efforts stand as a beacon of hope in the global fight against climate change.