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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year. India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts! <h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power. <h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly. <div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div> <h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency. <h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes. <h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div> <h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream. <h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future. By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

<ul class="summary-list"><li>Coca-Cola reported a decline in revenues in its third-quarter earnings on Wednesday.</li><li>Despite the slide, revenue was higher than analysts' expectations.</li></ul>Coca-Cola posted its first quarterly decline in revenue this year in its third-quarter earnings on Wednesday.Net revenues fell by 1% to $11.9 billion for the three months to September 30. The results beat analysts' predictions, which had forecast revenues of $11.65 billion for the beverage giant.Earnings per share declined 7% to $0.66, lower than the analyst consensus of $0.74.Shares dipped more than 2% in premarket trading, but the stock is up 16% this year.Coca-Cola said its slightly better-than-expected revenue performance had been driven by a 10% jump in price/mix, the amount the company adjusts prices, versus a 2% decline in concentrate sales.The results were boosted by an 11% jump in sales of Coca-Cola Zero Sugar across all markets."Our business continues to demonstrate resilience in the face of a dynamic external environment," said CEO James Quincey."We are encouraged by our year-to-date performance and our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities."The soda giant also signaled that there was growing potential in the non-carbonated drink market, pointing to its success as an <a target="_blank" class="" href="https://www.businessinsider.com/inside-coca-cola-company-2024-olympics-marketing-strategy-powerade-athletes-2024-7">official sponsor</a> of the 2024 Paris Olympics."During the opening and closing ceremonies in Paris, a special-edition smartwater gold bottle for athletes quickly garnered 42 million impressions and contributed to smartwater gaining both volume and value share during the quarter," the company said.Powerade, Fuze Tea, and Topo Chico were also highlighted as regional leaders in its plans to evolve a "total beverage portfolio."In recent quarters, strong international sales have helped boost Coca-Cola's results, offsetting weaker consumer demand in the US. However, in its third quarter, unit case volume declined in Europe, Middle East &amp; Africa and Asia Pacific, and remained even in Latin America.Investors will look to the soft drink maker's earnings for insight into consumer spending behavior heading into the year-end.US consumers are thought to have spent excess savings from the pandemic and are now grappling with accumulated price increases driven by global inflation.In September, core retail sales in the US grew by 2.4%. However, many <a target="_blank" class="" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">retailers have taken creative approaches</a> to incentivizing spending, including loyalty programs and <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">exciting product offerings</a>.Retailers, including Costco, PepsiCo, and Walmart, have been <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-offer-fewer-deals-under-new-ceo-2024-10">cutting prices</a> amid a pattern of more cautious consumer spending this year.The results come after Coca-Cola's rival PepsiCo posted weaker-than-expected sales for the second quarter in a row. PepsiCo lowered its full-year organic sales outlook, saying it now expects a low-single-digit rise, down from the previously forecast 4% growth.PepsiCo executives said the "cumulative effects of inflationary pressures continue to impact budgets and spending patterns."

Coke Zero sales jump, helping Coca-Cola beat forecasts despite revenue dip

The second edition of the R.A.C.E (Regulation, Awareness, Collaboration, Ecosystem) Sustainability <keyword id="21084" type="General" weightage="20" keywordseo="summit" source="Orion">Summit</keyword> took place today at Abu Dhabi Finance Week (ADFW) presented by Abu Dhabi Global Market (ADGM) in partnership with HSBC. R.A.C.E Sustainability Summit aimed to reaffirm the UAE's commitment to advancing the global sustainability agenda, capping a series of discussions, insights, and forward-thinking solutions that are set to shape the future of finance. During this event, R.A.C.E. delved into the critical question of whether <keyword id="1942904" type="General" weightage="20" keywordseo="climate-finance" source="Orion">Climate Finance</keyword> represents the greatest capital reallocation in history. The conference aimed to identify strategies to bridge the USD 11 trillion capital gap between what is required for achieving <keyword id="10939148" type="General" weightage="20" keywordseo="net-zero" source="Orion">net-zero</keyword> emissions and the capital currently available for such initiatives. The summit focussed on addressing a wide range of topics including financing the transition to a net-zero economy, climate finance, <keyword id="1457959" type="General" weightage="20" keywordseo="carbon-markets" source="Orion">carbon markets</keyword>, and sustainable capital markets. These discussions were led by prominent figures from the financial and regulatory sectors through keynote addresses and panel discussions. In tandem, the Global Financial Regulators Summit, a key highlight of the event, presented the outcomes from a pivotal gathering of global financial regulatory leaders, shedding light on the role regulators play in shaping the financial landscape of the future, especially for climate financing. A keynote speech by Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators (UICCA) and Founder of the Shamma bint Sultan Sustainability Initiatives Social Enterprise, spoke on reframing the paradigm to emphasising both the investment opportunity and risk mitigation aspect of climate finance to create global financial stability. Other prominent speakers such as Ronald P. O'hanley, Chairman &amp; CEO of State Street Corporation spoke about the evolving strategies of asset managers as they approach transition finance, and H.R.H Prince Khaled bin Alwaleed bin Talal Al Saud, Founder &amp; CEO of KBW Ventures about 'impact investing' for investors during a transitioning era. The event also witnessed 28 new signatories for the Abu Dhabi Sustainable Finance Declaration, bringing the total count of signatories to 145, and showcasing their commitment to sustainability and climate financing. Among the several announcements during today's R.A.C.E. Sustainability Summit, the key ones included NinetyOne announcing the firm's intention to establish a presence at ADGM in 2024 and Independent Financial Services Group - Rothschild &amp; Co., European fast-growing asset manager - Eiffel Investment Group and TimeToAct announcing receiving their In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM. Other major announcements included, NewVest announcing the world's first Private Green Energy Transition Funds Index (GET-PIF) which is set to be a capital gateway for private investments critical to supporting successful energy transition. Commenting on the event, Emmanuel Givanakis, CEO of the FSRA of ADGM stated, "The second edition of R.A.C.E. Sustainability Summit at ADFW has reinforced the importance of the global financial community's collective commitment to addressing climate change. We are proud to host an event that brings together global thought leaders and experts to explore innovative solutions for a more sustainable future. At ADGM, we see ourselves as an important driving force in the UAE's journey towards a net-zero future by 2050 as we create an ecosystem with a robust regulatory framework that champions sustainable finance and climate transition. As we stand on the cusp of profound change, our unwavering commitment empowers both the public and private sectors to join forces in closing the green financing gap that expedites the transition to net zero while also shaping the sustainable financial landscape of the future alongside the <keyword id="12458056" type="General" weightage="20" keywordseo="cop28" source="Orion">COP28</keyword>." R.A.C.E served as a pre-prep event for COP28 where critical negotiations related to Climate Finance took place. ADGM plans to continue this conversation at a much higher level at COP28, being the official Principle Climate Finance Partner and hosting the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) on the 4th of December 2023, convening important decision-makers and contributors to sustainable finance and ESG initiatives across global borders.

Climate Finance Top of the Agenda at The Second Edition of R.A.C.E. Sustainability Summit Held on the Opening Day of COP28 in the UAE

In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

With the one year anniversary of <keyword id="10591" type="General" weightage="20" keywordseo="samsung" source="Orion">Samsung</keyword>'s release of its mid- to long-term environmental management strategy nearing, the South Korean tech giant has said it was on the path toward achieving net zero companywide by 2050. In September last year, Samsung unveiled the New Environmental Strategy, detailing its road map to achieve net zero at the Device eXperience (DX) division, covering its mobile and home appliances business, by 2030 and at the company level, including its chip Device Solutions (DS) division, by 2050. Samsung has made some progress on the sustainability front to keep its word, its recent report showed. The company's use of renewable energy rose 65 percent last year to reach 8,704 gigawatt hours, according to Samsung's 2023 sustainability report in June, reports Yonhap news agency. The DX division reported the highest transition rate of 93 per cent, while the rate stood at 23 per cent at the DS division and at 31 percent companywide. In 2020, Samsung completed its transition to 100 per cent renewable energy in the United States, Europe and China. Last year, the company did so at all of DX division's business sites in South Korea, and manufacturing sites in Vietnam, India and Brazil, according to the report. Samsung, one of the world's biggest manufacturers of electronic devices and semiconductors, also said it had reduced 10.16 million tons of carbon dioxide compared with business-as-usual, up 59 percent from the previous year. Use of recycled and recyclable materials had increased, with 98,826 tons of plastic with recycled resin being used last year at a utilization rate of 14 percent and collecting 600,502 tons of electronic waste. Samsung planned to expand the use of renewable resins in all its plastic products by 50 per cent by 2030 and 100 per cent by 2050. Last year, Samsung joined the RE100, a global corporate initiative aimed at shifting to 100 percent renewable electricity. It vowed to increase the energy efficiency of its seven biggest-selling products, ranging from smartphones and washers to air conditioners, by 30 percent. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/one-cable-to-charge-them-all-what-apples-jump-to-usb-c-means-for-customers/articleshow/103629666.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/one-cable-to-charge-them-all-what-apples-jump-to-usb-c-means-for-customers/articleshow/103629666.cms" target="_blank">One cable to charge them all – What Apple’s jump to USB-C means for customers</a><a href="https://www.businessinsider.in/tech/webstories/how-apple-is-going-green-with-its-material-energy-and-transport/slidelist/103629096.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/webstories/how-apple-is-going-green-with-its-material-energy-and-transport/slidelist/103629096.cms" target="_blank">Recycled watch straps to restoring mangroves – How Apple is pushing for a greener tomorrow</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms" target="_blank">iPhone 15 Pro, Pro Max can record 3D videos that can be viewed on Vision Pro in a ‘magical way’</a>

Samsung says on track to achieve net zero by 2050

<ul class="summary-list"><li>Data centers and large commercial buildings waste a lot of heat.</li><li>The utility Con Edison plans to capture the heat to help power underground thermal energy networks.</li></ul>Less than a block from the bustling Chelsea Market on the west side of Manhattan, data centers hum 24 hours a day in a nondescript building.All that computing power generates an enormous amount of heat, which has to be removed to keep the equipment cool and prevent outages. That heat becomes wasted energy when it's vented out the roof.All that computing power generates an enormous amount of heat, which has to be removed to keep the equipment cool and prevent outages. That heat becomes wasted energy when it's vented out the roof.The utility Con Edison wants to capture the heat and pipe it to a nearby affordable-housing complex, in a system known as a thermal energy network. A closed-loop network of water pipes and electric heat pumps circulates energy through buildings, creating an efficient heating and cooling system that avoids burning fossil fuels in residents' homes.The pilot could be one of three that ConEd builds in and around New York City to test a cleaner way of delivering energy to customers. The proposals are in the design phase and likely won't be fully approved by regulators until late 2025, Gregory Koumoullos, ConEd's department manager of thermal energy networks, said. But the intention is to eventually scale the networks to help New York achieve its climate goals, because burning fossil fuels in buildings accounts for 32% of the state's greenhouse-gas emissions — the largest single source.The pilot could be one of three that ConEd builds in and around New York City to test a cleaner way of delivering energy to customers. The proposals are in the design phase and likely won't be fully approved by regulators until late 2025, Gregory Koumoullos, ConEd's department manager of thermal energy networks, said. But the intention is to scale up the networks to help New York achieve its climate goals, because burning fossil fuels in buildings accounts for 32% of the state's greenhouse-gas emissions — the largest single source.If the pilots go well, they could prove a business model for other gas utilities to follow to decarbonize entire neighborhoods, and potentially lower energy bills along the way."These pilots are just the first phase," Koumoullos said. "The larger the network you have, the lower the cost is because you can connect more customers with less infrastructure and they are sharing more waste heat. Thermal networks really bloom at a larger scale."The technology isn't new. But ConEd is among the first utilities in the country to propose thermal energy networks after New York enacted a law two years ago requiring the utility to try it. Six other states, including Colorado and Massachusetts, have enacted similar laws either allowing or mandating pilots. Gas utilities have legal mandates to sell gas, so states have to pass laws allowing them to expand into new systems.In Framingham, Massachusetts, the utility Eversource is leading the way. The utility already connected dozens of residential and commercial buildings to a geothermal network for a two-year pilot, <a target="_blank" href="https://www.wbur.org/news/2024/03/08/networked-geothermal-eversource-framingham-pilot-project-decarbonization">WBUR reported</a>. The project involved drilling boreholes hundreds of feet below ground, where the temperature is usually a constant 55 degrees Fahrenheit. Water pipes are connected to ground-source electric heat pumps in buildings, which exchange and push energy around the system.ConEd is proposing its own geothermal network for Mount Vernon, a suburban neighborhood north of New York City where up to 76 buildings, including homes, apartment complexes, churches, and fire stations, could be hooked up. But drilling boreholes isn't always feasible in densely packed cities, which is why capturing waste heat from data centers and other buildings is being tested. Rockefeller Center in NYC is the other proposed site.<h2 id="7f12dc53-e013-48cb-ae17-f381e823311d">High upfront costs, but long-term benefits</h2>Retrofitting buildings and laying new pipes is expensive. The estimated price tag of all three pilots combined is $255 million, which would be spread across ConEd's customer base, Koumoullos said. For those participating in the pilots, ConEd would guarantee that energy costs won't go up during a 5-year test period. The utility is also looking at tax breaks under the Inflation Reduction Act to offset the cost to customers. ConEd would use the pilots to find out the actual costs of building thermal energy systems and test different ways to charge customers.The high up-front costs are a barrier to wider adoption. But climate advocates point out that an increasing amount of money is also being spent on replacing old gas lines every year. Between 2011 and 2022, gas utilities' capital expenditures on distribution infrastructure tripled from $7 billion a year to nearly $21 billion, according to a report by HEET, <a target="_blank" href="https://assets-global.website-files.com/649aeb5aaa8188e00cea66bb/663a27270c0fa4fffcfe447d_Leaked-and-Combusted-May-2024.pdf">a climate-solutions nonprofit</a> that spearheaded the push for thermal energy networks.Whether utility-scale projects can recoup the upfront costs in energy savings remains to be seen. That was the case at Colorado Mesa University, which built a geothermal network in 2008. Kent Marsh, the university's vice president for capital planning sustainability and campus operations, said switching to geothermal saved $1.5 million a year. The system paid for itself within about 11 years.Morgan Hood, the manager of new product development at Vermont Gas, told Business Insider that some utilities are looking for new business models. Vermont Gas aims to be net zero by 2050, so is considering community geothermal as a way to get there. Hood helped launch the Utility Networked Geothermal Collaborative, which now includes 27 gas utilities in North America that serve about half the customers in the US, so they can keep tabs on pilot projects and share information."All eyes are on New York, in large part because it will show how these systems can be regulated within a utility environment," she said.

How New York City's data centers and Rockefeller Center could help power a climate solution.

<ul class="summary-list"><li>Montgomery County, Maryland aims to transition its electric bus fleet to zero-emissions by 2035.</li><li>The county is building microgrids with solar, battery storage, and eventually green hydrogen.</li><li>The microgrids are islands of power that are resilient during outages and emergencies.</li></ul>Montgomery County, Maryland, is on the cusp of a clean-transit transformation. Part of an old diesel-bus depot in Silver Spring <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly9hbHBoYXN0cnV4dXJlLmNvbS9uZXdzLXByZXNzLXJlbGVhc2UvYWxwaGFzdHJ1eHVyZS1jZWxlYnJhdGVzLWxhdW5jaC1vZi1pbnRlZ3JhdGVkLW1pY3JvZ3JpZC8_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eBf5d93db3">has already been redeveloped</a> into a charging station for dozens of electric buses, powered by a microgrid equipped with solar canopies, battery storage, and several backup gas generators. It's essentially a self-sustaining island of power, even during outages.A similar microgrid — twice the size of the one in Silver Spring — is expected to break ground early next year and be operational in 2025, county officials told Insider. The microgrid is set to power a transit center for 200 zero-emissions vehicles and be the first on the East Coast to produce <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9oeWRyb2dlbi1lbmVyZ3ktaGVscC1jbGltYXRlLWNyaXNpcy1idXQtc3RpbGwtaHVyZGxlcy0yMDIzLTEwP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eBccca7a50">green hydrogen from renewables</a>. Green hydrogen is key for buses with longer routes, officials said, because electric buses average about 125 miles on one charge, or less than half the distance than on a tank of diesel. <div type="image" title="An electric bus charger" height="3024" width="4032" msid="105104812" hostid="261" sizebytes="675146"></div>"We are going to transition to a completely fossil-fuel-free transit group with electric and hydrogen buses," Michael Yambrach, the chief officer of energy and sustainability for Montgomery County, told Insider during a tour of the depot.The county aims to complete that transition by 2035 for its fleet of 380 buses and nearly 3,600 cars. It's part of a larger plan to achieve net-zero greenhouse-gas emissions. So far, 14 buses and about 100 cars are electrified.Yambrach said Montgomery County's efforts could be a model for other local governments trying to clean up their fleets, <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly93d3cud3JpLm9yZy9pbnNpZ2h0cy91cy1wdWJsaWMtZmxlZXQtZWxlY3RyaWZpY2F0aW9uP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB9b811c13">which include millions</a> of city buses, school buses, police patrol cars, and other vehicles. Only about 2% of US public buses are zero emission, <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly93d3cudHJhbnNwb3J0YXRpb24uZ292L3VyYmFuLWUtbW9iaWxpdHktdG9vbGtpdC9lLW1vYmlsaXR5LWJlbmVmaXRzLWFuZC1jaGFsbGVuZ2VzL3RyYW5zaXQtYmVuZWZpdHMtYW5kLWNoYWxsZW5nZXM_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNiM6fjp0ZXh0PVRoZSUyMG51bWJlciUyMG9mJTIwdHJhbnNpdCUyMGJhdHRlcnksdGhlJTIwVS5TLiUyMHRyYW5zaXQlMjBidXMlMjBmbGVldC4/628bdf90094963f5ad0eef3eBa79655cd">according to federal data</a>. US transit agencies are buying more zero-emission buses and vehicles, but sourcing enough power and building the charging infrastructure affordably are major hurdles.Montgomery County opted to build a microgrid so it didn't have to rely on power from Pepco, the local utility. It hired AlphaStruxure, a joint venture of Schneider Electric and the private-equity giant Carlyle, to finance, develop, and maintain the microgrids. In return, the county pays AlphaStruxure monthly under a long-term contract. The company declined to disclose the total cost.<div type="image" title="A rendering of new sustainable transit center that will be built in Montgomery County, Maryland. Rooftop solar panels and battery storage will supply power for electric buses and cars." height="1200" width="2130" msid="105104813" hostid="261" sizebytes="383458"></div>A stand-alone system is more resilient in the event of an emergency outage, Yambrach said. The county has a pilot program with Pepco that allows the utility to tap power from battery storage at the Silver Spring bus depot when the grid is stressed. That is more climate-friendly than relying on firing up a dirty power plant.Renewable transit also benefits locals' quality of life by phasing out rows of noisy, idling diesel buses that create a lot of pollution."When they light up the buses, the diesel will just hang, and that's been a consistent issue with the neighbors," Don Scheuerman, the chief of the office of energy and sustainability at the Montgomery County Department of General Services, said. "So we're going to have resilience, we're going to have green power 98% of the time, and we're getting our greenhouse-gas emissions down."

See what the future of zero-emissions transit looks like in suburban Maryland

<ul class="summary-list"><li>The aviation industry says it's committed to achieving net-zero emissions by 2050. </li><li>But there are different ways to get there, such as the "carrot-and-stick" approach.</li><li>Airbus' chief sustainability officer told BI why it's betting on hydrogen and fleet renewal.</li></ul>In late November, <a target="_blank" href="https://www.businessinsider.com/transatlantic-flight-green-fuels-takes-off-campaigners-say-gimmick-2023-11">Virgin Atlantic</a> operated the world's first transatlantic flight on a commercial airliner powered by sustainable aviation fuel, or SAF.The Boeing 787 Dreamliner touched down at JFK Airport in New York City about seven hours after leaving London's Heathrow Airport, marking the latest development toward reaching the aviation industry's goal of net-zero emissions by 2050.The International Air Transport Association, or IATA, estimated that <a target="_blank" href="https://www.iata.org/en/programs/environment/sustainable-aviation-fuels/">SAF can reduce CO2 emissions</a> by up to 80%.According to the International Energy Agency, aviation accounts for about <a target="_blank" href="https://www.iea.org/energy-system/transport/aviation">2% of global CO2 emissions</a>. The Guardian reported that a flight from <a target="_blank" href="https://www.theguardian.com/environment/ng-interactive/2019/jul/19/carbon-calculator-how-taking-one-flight-emits-as-much-as-many-people-do-in-a-year">London to New York generates about 986 kilograms of CO2</a> per passenger. It would take the average American 27 days to emit that much CO2, according to data from the <a target="_blank" href="https://data.worldbank.org/indicator/EN.ATM.CO2E.PC?locations=US">World Bank</a>.With an average of <a target="_blank" href="https://www.faa.gov/air_traffic/by_the_numbers">45,000 daily flights</a> in the US alone, it's no wonder that almost every major airline and manufacturer has committed to reaching net-zero CO2 emissions by 2050.But debates are still ongoing as to how airlines can achieve this and which technologies will be most impactful.<h2>The carrot versus the stick in sustainable aviation</h2>SAF was a major topic of discussion when Business Insider visited the Dubai Airshow last month.One phrase that kept popping up in conversations was "carrots versus sticks" — whether fiscal incentives or legal mandates are better at promoting SAF.In Europe, there's a preference for mandates. The European Union is lobbying for an international tax on traditional jet fuels rather than SAF at COP 28 climate-crisis conference, the <a target="_blank" href="https://www.ft.com/content/9ed06437-fb5e-40f6-9123-4d39b6b15789">Financial Times</a> reported. But that money isn't guaranteed to be reinvested into sustainable aviation.And from 2025, the <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2389">RefuelEU Aviation</a> initiative mandates aircraft fuel suppliers to provide EU airports with a minimum share of 2% SAF, increasing to 75% by 2050. Airlines will also be prohibited from deliberately carrying excess fuel to avoid refueling with SAF.This ups demand, but doesn't necessarily advance SAF production. The EU's Aviation Safety Agency says the maximum potential <a target="_blank" href="https://www.easa.europa.eu/eco/eaer/topics/sustainable-aviation-fuels/current-landscape-future-saf-industry">SAF production</a> in the bloc is currently only 10% of what's needed to fulfill proposed mandates by 2030.According to the IATA, SAF is twice as expensive as conventional aviation fuel.The US prefers the incentive, or the carrot: This strategy can stimulate more growth by rewarding SAF producers but lacks longevity and could come crashing down with a change in administration.<div type="image" title="Flight100, Virgin Atlantic's world first 100% Sustainable Aviation Fuel (SAF) transatlantic flight by a commercial airline is fueled ahead of its take off from London Heathrow to New York JFK on Tuesday 28 November 2023." height="4480" width="6720" msid="105762692" hostid="261" sizebytes="749316"></div>Most airshow panelists strongly favored the carrot and loathed the stick.Some rare positivity about mandates came from Julie Kitcher, an executive vice president at Airbus who will take on the role of chief sustainability officer at the company starting January 1."I'm a big fan of both," she told Business Insider. "We're a big advocate of having mandates and incentives to be able to stimulate the supply and demand."She said "we've really got to break that vicious cycle" of the limited supply and high demand that leads to high prices.<h2>Different perspectives at Airbus and Boeing</h2>"We have to have SAF to get us to net zero, but there's questions about what else," Jim Hileman, the vice president and chief engineer for sustainability at Boeing, said during a panel. "Are there other things that we should be pursuing?"One major project at Airbus is ZEROe. It's focused on developing <a target="_blank" href="https://www.businessinsider.com/airbus-new-zero-emission-aircraft-history-of-sustainable-planes-2020-9">hydrogen-powered aircraft</a> that the company hopes to put to market by 2035.Hydrogen doesn't emit carbon like fossil fuels do, but it also relies on new infrastructure. Kitcher told BI that such airplanes will require airports to store liquid hydrogen for fueling, which needs to be kept at -400 degrees Fahrenheit.<a target="_blank" href="https://fortune.com/2023/01/26/boeings-chief-sustainability-officer-we-cant-count-on-hydrogen-powered-commercial-flights-before-2050/">Boeing isn't focusing much on hydrogen</a> and seems skeptical of Airbus' hopes.While onstage at the Dubai Airshow, Hileman posited a host of questions about hydrogen-powered aircraft: "Can you safely operate the aircraft? What does the infrastructure look like? By the way, there better be a value proposition at the end."<div type="image" title="A scaled model of an Airbus Blended-Wing Body (BWB) zero emission concept aircraft, on display at the Farnborough Airshow, on 22nd July 2022, at Farnborough, England." height="3543" width="5315" msid="105762693" hostid="261" sizebytes="534058"></div>It sounds like a lot of hurdles to overcome. But Kitcher told BI that Airbus sees it as a "lot of opportunities to develop technology."She acknowledged that "we're not going to fly transatlantic on hydrogen anytime soon." But said the project will show "technological readiness" that can scale in the future.Boeing's sustainable-aircraft innovations include <a target="_blank" href="https://www.businessinsider.com/boeing-backed-wisk-aero-be-first-to-market-with-its-air-taxi-see-inside-2022-10">Wisk Aero</a>, an eVTOL, or electric vertical-takeoff-and-landing, company; and the <a target="_blank" href="https://www.nasa.gov/news-release/next-generation-experimental-aircraft-becomes-nasas-newest-x-plane/">X-66A</a>, a plane it's working on in collaboration with NASA that's only expected to reduce fuel consumption by up to 30%.<h2>Newer airplanes are more fuel-efficient</h2>Kitcher told BI that as well as working on new technologies and transitioning to new energy sources, fleet renewal can have a big impact on climate goals.When a plane reaches the end of its lifespan, the airline replaces it with a newer, more fuel-efficient model — typically from Boeing or Airbus.<div type="image" title="An Airbus A321XLR plane takes off for its first flight from the Airbus plant in Hamburg, northern Germany, on June 15, 2022" height="2774" width="4675" msid="105762694" hostid="261" sizebytes="279834"></div>The <a target="_blank" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">Airbus A321XLR</a> — set to enter service in 2024 — is a narrow-body jet capable of flying up to 11 hours nonstop, opening up new routes that would be uneconomical if carriers used wide-body jets.According to Kitcher, replacing a Boeing 737 with an Airbus A321XLR would reduce CO2 emissions by 25%."So it's a pretty impressive lever, particularly when you consider that today only 25% of the world's fleet is flying on latest-generation technology," she told BI.Boeing says that its newer <a target="_blank" href="https://www.boeing.com/commercial/737max/">737 MAX</a> models can reduce CO2 emissions by 20% compared to predecessors.There are several different routes and myriad technologies companies are using to achieve net-zero emissions by 2050. Which bets are the most impactful may not be obvious for another few years.

The aviation industry wants to reach net zero by 2050, but major players disagree on how to get there

Globally, the rate at which people are installing solar panels and buying electric vehicles is "perfectly in line" with what experts have said is necessary to reach net zero emissions by 2050. That's according to <keyword id="293700" type="General" weightage="60" keywordseo="fatih-birol" source="Orion">Fatih Birol</keyword>, the economist who leads the world's energy watchdog, the International Energy Agency (<keyword id="66776" type="General" weightage="80" keywordseo="iea" source="Orion">IEA</keyword>). Thanks to a "staggering" rise in clean energy generation and investment over the last two years alone, the prospect of halting global heating at 1.5°C remains intact, he added. After a summer of unparalleled climate disasters in Libya, Greece and Canada, should dread turn to optimism? In a recent update on humanity's progress with cutting greenhouse gas emissions, the IEA concluded that by 2030: <keyword id="560717" type="General" weightage="50" keywordseo="fossil-fuel" source="Orion">fossil fuel</keyword> demand must fall 25% -the energy efficiency of homes, vehicles and other appliances must double -methane emissions from the oil and gas sector must fall 75% The report assumes that renewable energy capacity will need to triple and replace coal, oil and gas at a rapid pace by the end of this decade to guard against catastrophic levels of warming. But despite sources like solar consistently defying even the most bullish predictions, fossil fuels have hardly budged: they supplied 82% of the world's energy last year and 87% in 2000. Why? Fossil fuels linger, wind power stalls "Rapidly increasing renewable energy hasn't cut coal and gas consumption at the same rate because humankind is using a lot more electricity than we used to, especially in Asia," says Malte Jansen, a lecturer in energy and sustainability at the University of Sussex. "[In Europe and North America] renewable energy has slowly eaten into the proportion of energy generated by fossil fuels, while all other energy sources (nuclear, hydro, biomass) have remained about the same. In Asia, electricity demand has tripled since the 2000s, with the bulk of this energy coming from fossil fuels." And while the report was glowing in its assessment of solar power's performance, it noted that planned projects for generating wind energy this decade trail what the IEA says will be necessary by 2030. Jansen says wind is a particularly valuable energy source during winter, when energy demand peaks. Unfortunately, the wind industry has been buffeted by inflation. "For those involved in the construction of an offshore wind farm, this means the cost of both the physical parts (such as the turbines) and the debt (bank loans) has gone up," says Phil McNally, a research fellow in electricity markets at UCL. McNally does not believe this setback heralds the end of cheap offshore wind, as some have claimed. Instead, he argues, it means governments must produce strategic plans to grow the sector which include how much energy they wish to procure in auctions with developers. Net zero must come sooner According to the IEA, "almost all countries" will also need to move their net zero target dates forward by several years. Most developed countries, including the US and Australia, aim to fully decarbonise by 2050. Under the UN principle of common but differentiated responsibilities, developing countries have a bit longer: India plans for 2070, for example. A team of energy experts at Australian National University (with support from nearly 900 engineers) recently argued that Australia could hit net zero as early as 2035. But in the UK at least, government policies on net zero are moving in the opposite direction. Prime Minister Rishi Sunak recently scrapped requirements on landlords to raise the energy efficiency of their properties and delayed the phase-out of petrol and diesel car sales from 2030 to 2035. "As my own analysis has shown," says Tim Jackson, a professor of sustainable development at the University of Surrey, "the UK's fair share of the global carbon budget, taking into account the development needs of the poorest parts of the world, will be exhausted before 2030. Forget 2050. The science is clear. Delay is tantamount to capitulation." We've been here before What can earlier energy transitions teach us about what is happening today? According to energy historian Vaclav Smil, past energy transitions took on average 50-75 years to ripple through society. We no longer have that kind of time says Liz Conor, an ARC Future Fellow at La Trobe University. "To farm fields and build cities, we've gone from relying on human or animal muscle to wind and water to power sailboats and mill grain. Then we began switching to the energy dense hydrocarbons, coal, gas and oil. But this can't last." "We were first warned in 1859 that when burned, these fuels add to the Earth's warming blanket of greenhouse gases and threaten our liveable climate," she says. Environmental limits have spurred the shift to new energy sources before. Take England's transition from burning wood to coal. "England was once carpeted in forest. Endemic deforestation drove the change to coal in the 16th and 17th centuries. Most English coal pits opened between 1540 and 1640," Conor says. Later, dwindling whale populations saw the US abandon whaling as a source of fuel and lubricant for crude oil extraction. But the dominance of coal, oil and gas today was not inevitable. Conor points to 1850s New England, where steam generated from burning coal was three times more expensive than water for powering textile mills. Smil's research documents how waterwheels and turbines "competed successfully with steam engines for decades". "The energy of flowing water was free. Digging up coal was labour-intensive. Why did steam win?" asks Conor. The answer, she says, referring to work by human ecologist Andreas Malm at Lund University, is capital. "Locating steam engines in urban centres made it easier to concentrate and control workers, as well as overcoming worker walk-outs and machine breaking," Conor says. Today's energy transition requires another active intervention, she adds. "Once solar panels and wind turbines are built, sunlight and wind are free. It is the resistance of the old guard - fossil fuel corporations - that is holding us back." (The Conversation) NSA NSA

Climate crisis: Net zero goal still alive, says IEA

<ul><li><keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> is planning the establishment of a fully-integrated, automated, gigawatt-scale electrolyser manufacturing facility to facilitate extensive green hydrogen production. </li><li>The primary focus is directed towards establishing an all-encompassing solar PV manufacturing ecosystem which will effectively convert sand into solar PV modules. </li><li>The company is making substantial headway in the utilisation of its committed capital to establish a new energy manufacturing ecosystem. </li></ul>Reliance has been betting big on its new energy business. The company, a week back in its annual report, doubled its investment plan from ₹75,000 crore in 2020 to further scale up the manufacturing ecosystem. In the 46th AGM of <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited (RIL) on Monday, <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, chairman of RIL, reiterated that the conglomerate's energy business will be net carbon zero by 2035 and spelt out some key plans regarding solar and green hydrogen initiatives. In the last AGM, Ambani had said that the focus was on finalising two essential elements crucial to delivering competitively priced green hydrogen and its derivatives: the cost of generating renewable power, and the installed expenses of electrolysers for giga-scale deployment. “Our solar and wind energy storage integrated manufacturing ecosystem will deliver the most cost-efficient renewable power. I can also confidently say now that we have a roadmap towards achieving our targeted cost of electrolysers, and in turn, green hydrogen,” said Ambani. <cmsannotation type="cmsannotation" annotationid="Gigawatt scale electrolyser manufacturing facility to facilitate green hydrogen production" comment="subhead" text="Gigawatt scale electrolyser manufacturing facility to facilitate green hydrogen production">Gigawatt scale electrolyser manufacturing facility to facilitate green hydrogen production</cmsannotation> Ambani said that the company is planning the establishment of a fully-integrated, automated, gigawatt-scale electrolyzer manufacturing facility. This strategic move will facilitate extensive green hydrogen production at Jamnagar, allowing for a gradual shift in their captive needs. He also said that the company is making substantial headway in the utilisation of its committed capital to establish a new energy manufacturing ecosystem. This strategic move will facilitate the acceleration of large-scale production for continuous power supply and the substantial manufacturing of green hydrogen to support eco-friendly chemical production as well as environmentally conscious mobility solutions. <cmsannotation type="cmsannotation" annotationid="Setting up world’s largest and technologically advanced solar giga factory" comment="subhead" text="Setting up world’s largest and technologically advanced solar giga factory">Setting up world’s largest and technologically advanced solar giga factory</cmsannotation> Ambani further said that the company maintains its commitment to the rapid implementation of the Dhirubhai Ambani <keyword id="60895" type="General" weightage="20" keywordseo="green-energy" source="Orion">Green Energy</keyword> Giga Manufacturing Complex in Jamnagar. The primary focus is directed towards establishing an all-encompassing Solar PV manufacturing ecosystem as the foremost objective which will give rise to one of the world's largest, technologically advanced, versatile, and economically competitive solar giga factories, effectively converting sand into solar PV modules. The solar giga factory will encompass the manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass, all consolidated at a single Jamnagar location. The target is to progressively operationalise the factory in phases, with the final phase anticipated to conclude by the end of 2025. The incorporation of cutting-edge Heterojunction technology is slated for the manufacturing process, resulting in the creation of highly efficient solar PV cells and modules. Ambani further said that the vital integration of energy storage with both wind and solar power generation will play a crucial role in ensuring continuous, grid-connected electricity supply around the clock.

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