Speaking on the shift from conventional energy to future fuels, Mr Ruia highlighted that the single biggest opportunity today is to be able to transition existing infrastructure and facilities to green and simultaneously invest in building clean future-ready businesses. He was speaking at The India Energy Week.
He emphasized how the World is now focusing on energy transition and decarbonisation, and hence it becomes imperative that there are advancements in technologies at the rapid pace. The country has witnessed this change already in Solar and Wind power supply, and similar advancement in tech is expected in the Hydrogen space, but at a much faster pace.
Mr Ruia also stressed upon India’s ambitious target for green hydrogen production to be 5 million tonnes by 2030 and underlined Essar’s goal of building a 1 GW ammonia project in India. Further, he spoke about how developing hydrogen in India is possible at a very competitive cost due to abundant and low cost renewable power.
He, however, elaborated the need to build the consumption of hydrogen across industries. While Essar’s current focus is to export the ammonia as opposed to selling domestically, in the next few years the Company expects the domestic market to grow significantly.
Mr Ruia highlighted the government’s efforts in making the transition smoother, and how it is important to be able to finance and fund some of these solutions to make them more affordable and accessible. He also highlighted the importance of improving technologies so that the cost of decarbonisation and future fuels decrease.
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