The BNEF Summit 2023, a signature annual event of BloombergNEF, brought together brightest minds in the energy sector for a dialogue on pressing global challenges in decarbonization and sustainable energy. Distinguished among the speakers was Mr. Prashant Ruia, Director – Essar Capital, whose Executive Interview with Aashish Shetia, Global Head of Commodities, Energy & Environmental Markets, gave insights on the critical transformations required for a greener future.
The BNEF summit serves as a crucial hub for ideation, knowledge sharing, and networking. It offered a platform to shape strategies for harnessing technological advancements, fostering eco-friendly practices, and paving the way for a cleaner, more competitive world. Taking place as an official B20 side event and receiving strategic support from the Confederation of Indian Industry (CII), the summit was aligned with the B20’s task force on energy, environment, and climate change.
The BNEF Summit also featured other notable speakers, including RK Singh, India’s Minister of Power. Speaking at the event, Singh underscored the government’s commitment to green hydrogen consumption and emphasized the ongoing discussions on mandate fixation. The convergence of leaders, policymakers, and industry experts at the summit showcased the collective determination to address challenges and accelerate progress in the energy transition.
Prashant Ruia’s participation in the summit was met with recognition and acknowledgment from various quarters. He engaged in a significant dialogue with Aashish Shetia, generating meaningful insights that align with the global green agenda. This exchange of ideas serves as a catalyst for driving collaboration and action among stakeholders committed to sustainable change.
The discussion centered on the massive task of energy transition. Prashant stressed that this shift requires rethinking investments made over the past 4-5 decades. The urgency stems from the need to meet energy transition goals and effectively combat climate change.
During his discourse with Aashish Shetia, Prashant Ruia revealed Essar’s holistic strategy for growth across various sectors, including energy, metals & mining, infrastructure & logistics, and technology & retail. He stressed the importance of transitioning existing assets from grey to green, while also venturing into new technologies and businesses to drive the transformation.
PTI quoted him highlighting the initiatives undertaken by the government to boost renewables, alongside the challenges posed by the price differential between conventional and green energy. This difference, he noted, can be bridged through technological innovation.
Speaking at the Summit, Director Essar Capital Prashant Ruia said that the government has taken a lot of initiatives to boost renewables in the country which includes production-linked incentives schemes, subsidies and other incentives.
“But the challenge is price differential between fossil fuel-based energy and green energy which is more expensive. But this can be addressed with technology and innovation,” he said.
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In an interview with Bloomberg Prashant Ruia also mentioned, “We have a significant investment in the UK to decarbonise our Stanlow refinery and produce blue hydrogen for the North West region. We are also looking at a Green Steel plant in Saudi. In India, we are looking at developing a project around green hydrogen. We are also building India’s first LNG trucks and focusing big on green mobility.”
In conclusion, Prashant Ruia’s presence at the BNEF Summit underscored Essar’s proactive role in advancing sustainable practices across sectors. His insights, along with those of other esteemed speakers, contributed to a rich tapestry of ideas and actions aimed at propelling the world towards a greener and more sustainable future.
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