DIL – stands for Decarbonization for India’s Leaders – is a platform at EAI where we provide decarbonization and climate action highlights for India’s corporate leaders.

DIL Weekly is a weekly digest of these highlights. See all DIL Weekly issues from here.

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DIL Weekly First Edition – July 2nd Week 2024

1. Tata Steel CEO Advocates Swift Action on UK Decarbonisation

Tata Steel CEO T. V. Narendran is determined to expedite the company’s decarbonization efforts in the UK by accelerating the construction of a new electric arc furnace. Facing the challenge of transitioning from traditional blast furnaces at Port Talbot, which entails significant job cuts, Narendran is clear about the timelines and priorities. Despite the union’s vote for strike action against job reductions, he remains focused on the company’s environmental goals. His strategy addresses concerns about increasing Chinese steel imports to India while leveraging robust domestic demand to support the company’s growth ambitions.
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2. Addressing Land and Connectivity Issues to Achieve 50 GW Renewable Energy Target

Srivatsan Iyer, CEO of Hero Future Energies (HFE), underscores the urgency for India to tackle land acquisition and connectivity challenges to meet its ambitious target of adding 50 GW of renewable energy by 2030. He emphasizes the significant potential of wind energy, which must be prioritized alongside solar projects. Iyer points out that resolving these issues is critical for facilitating large-scale renewable energy projects and ensuring a sustainable energy transition in the country.
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3. Vedanta Aluminium Shifts Focus to Renewable Energy

Vedanta Aluminium, part of Vedanta Ltd., is making a move towards renewable energy by ceasing the addition of coal-fired capacity. CEO John Slaven announced that the company aims to increase its renewable energy usage to 30% by 2030, up from the current nearly 5%. Vedanta Aluminium currently operates 4.8 GW of coal-based power but is securing 1.3 GW of renewable energy from Serentica Renewables, encompassing both solar and wind power. This shift aligns with broader efforts to reduce greenhouse gas emissions, despite India’s heavy reliance on coal for energy needs.
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4. Johnson Controls Bolsters India’s Net Zero Ambitions with Strategic Expansion

Johnson Controls is intensifying its commitment to India’s net zero journey through strategic initiatives, including expanding its manufacturing facility in Pune. This move aims to support the company’s Net Zero Buildings Initiative, launched in collaboration with the Mahindra Group. The expanded Pune plant will enhance production capacity by 50%, enabling the development of more made-in-India parts and products crucial for India’s digital growth. The initiative also aligns with Johnson Controls’ sustainability goals, incorporating advanced eco-friendly practices to reduce carbon emissions and energy costs across various industries.
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5. Tata Power’s Tirunelveli Plant Set to Boost Solar Cell Production

Tata Power is poised to begin operations at its 4 GW solar cell manufacturing facility in Tirunelveli, Tamil Nadu. This state-of-the-art plant will stabilize and reach its peak production capacity over the next three months, focusing on meeting domestic content requirement projects and various utility-scale and rooftop opportunities. This move is part of Tata Power’s strategic expansion in the renewable energy sector, enhancing its leadership in the domestic rooftop solar market and aligning with government incentives for solar energy adoption.
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6. Ireda’s High Valuation May Cap Stock Growth Potential

Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency (Ireda), has stated that the company’s high valuation could limit further stock growth. To sustain its growth momentum, Ireda has requested government approval for a follow-on public offer (FPO) to raise between ₹4,000 crore and ₹5,000 crore.
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7. Sterling and Wilson Renewable Energy Shares Pre-Budget Insights

Amit Jain, CEO of Sterling and Wilson Renewable Energy, emphasizes the need to reduce GST rates on renewable energy components from 18% to 5% to make green energy investments more attractive. He highlights the government’s commitment to invest over $360 billion in renewable energy infrastructure by 2030. Chandra Kishore Thakur, CEO for Asia, Africa, LATAM & Europe, stresses the importance of streamlined approval processes and low-cost finance for solar power projects. Both leaders advocate for enhanced manufacturing capacity and public-private partnerships to drive growth in the renewable sector.
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8. SECI to Float 500 MW Solar Thermal Tender by FY25-End

The Solar Energy Corporation of India (SECI) plans to issue a tender for a 500 MW solar thermal capacity by the end of the financial year 2024-25. This initiative, led by SECI’s Chairman and Managing Director R. P. Gupta, marks the first large-scale solar thermal tender in India. Gupta highlighted that the project will utilize advanced technology to generate steam through concentrated solar power (CSP) during the day, which will then be used to drive steam turbines for electricity production.
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9. PLI Schemes Key to Boosting India’s Battery Sector, Asserts LOHUM CEO Rajat Verma

Rajat Verma, CEO of LOHUM, emphasizes that Production Linked Incentive (PLI) schemes are crucial for advancing India’s battery manufacturing and recycling industry. He calls for extending these schemes to include critical materials and recycling processes, advocating for protective tariffs over import bans to promote indigenous technology development. Verma envisions India capturing at least 5% of the global battery market within the next three to five years, supported by LOHUM’s planned investments in expanding recycling capacity and technological innovation.
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10. Bhavish Aggarwal Unveils “Bharat Cell”

Bhavish Aggarwal, founder of Ola Electric, has introduced the “Bharat Cell,” a revolutionary lithium cell battery poised to transform India’s electric vehicle (EV) landscape. Aggarwal describes the Bharat Cell as the “5G of lithium cells,” highlighting its advanced capabilities, including high energy density, fast charging, and cost efficiency. The battery’s energy density is 275 watt-hours per kilogram, significantly higher than the current market leader. The battery is currently undergoing advanced trials and has been certified by the Bureau of Indian Standards, paving the way for commercial production at Ola’s Gigafactory in Tamil Nadu.
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