Essar Group Plans To Put $3.6 Bn On Decarbonisation In UK & India

Essar Energy Transition (EET), an investment programme launched by Essar Group to facilitate investments worth USD 3.6 billion in developing a range of low-carbon energy transition projects in the next five years. 

The business conglomerate Essar Group will make investments in the United Kingdom and India. 

The group aims to raise USD 2.4 billion via EET across its site at Stanlow (between Liverpool and Manchester) and USD 1.2 billion in India. 

The investments done in India will be utilised to develop a global supply hub for cost-efficient low-carbon fuels, including green hydrogen and green ammonia. India will ship the ammonia to the UK, Europe and other international regions to fulfil the demand for growing green hydrogen. 

Prashant Ruia, Director, Essar Capital said that the launch of EET is a landmark in Essar Group's long waited commitment to put the United Kingdom at the forefront of low-carbon energy by producing low-carbon future fuels to help to reduce the industrial carbon dioxide emissions by nearly 20 per cent in Northwest England. 

He added that it will provide a blueprint for the traditional industries globally to transform into hubs for the production of future fuels. It will create employment opportunities in the Northern Powerhouse economy, in additional support to the government's decarbonisation policy. 

The investments by the Essar Capital will be done for decarbonisation, biofuels for road and aviation, infrastructure development projects and a range of hydrogen production techniques. Furthermore, these investments will help to reduce carbon dioxide by around 3.5 MT which is nearly 20 per cent of the total industrial emissions in the region of Northwest England.