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Reliance Industries is charting its path towards carbon neutrality by focusing on capturing carbon and utilizing it for internal industrial processes, rather than storing it underground, revealed PMS Prasad, the company's executive director and board member.
According to S&P Global Commodity Insights, speaking at the India Energy Week 2024 in Goa, Prasad outlined Reliance's strategy for energy transition, emphasizing the use of its proprietary technology to reduce costs and achieve greater efficiency. "We might be different... we are betting on technology. Our approach is based on how to reduce overall costs. It is based on end-to-end manufacturing and it is for internal purposes," Prasad explained during a panel discussion on responsible oil and gas production supporting climate goals. Reliance Industries, with a net-zero target set for 2035, is investing in renewable components from scratch, including solar modules, wind turbines, and battery technologies. Prasad highlighted the company's efforts in developing electrolyzes and battery technologies, leveraging partnerships and considering various technological options to achieve its goals. Prasad elaborated on Reliance's approach to carbon capture and utilization, stating, "I have biogenic CO2 and when I have green hydrogen that's the easiest way to go to green chemicals such as methanol and ammonia. Capture the carbon and fix it into chemicals, not store It. That's our approach to Carbon capture and storage (CCS)." He emphasized the importance of utilizing captured carbon to manufacture chemicals such as methanol and ammonia, rather than storing it underground. In contrast, Oil India is exploring carbon capture for enhanced oil recovery (EOR) and storage. Chairman Ranjit Rath, also participating in the panel discussion, highlighted the potential for CO2 EOR and the need for policy frameworks and guidelines to support carbon capture initiatives. Reliance's energy transition strategy prioritizes in-house use, with a focus on greening its manufacturing processes. Prasad outlined Reliance's plans to utilize renewable power internally to run its refineries and petrochemical complexes, including setting up gigafactories for solar module production. Reliance's commitment to renewable energy was further underscored by its recent wins in government tenders for renewable hydrogen and electrolyzer subsidies. The company's ambitious plans involve investing USD 10 billion over three years to develop new fuels business based on 100 GW of renewable power capacity by 2030, with significant investments in manufacturing renewables equipment, battery storage, fuel cells, and hydrogen production. As Reliance Industries continues to innovate and invest in renewable energy and carbon capture technologies, it aims to play a leading role in India's transition to a sustainable energy future, setting an example for responsible and environmentally conscious industrial practices. (ANI)
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