ReNew Energises green hydrogen push: Chairman unveils ambitious plans

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ReNew Energises green hydrogen push: Chairman unveils ambitious plans

ReNew Energises green hydrogen push: Chairman unveils ambitious plans

Industry News
Oct 16,23

In addition to expanding renewable energy capacity, ReNew aims to become a prominent decarbonisation company, assisting corporations with products and services.

ReNew Energises green hydrogen push: Chairman unveils ambitious plans

ReNew, a company listed on Nasdaq and dedicated to decarbonisation solutions, is gearing up for significant involvement in the green hydrogen sector, according to Chairman Sumant Sinha, who made the announcement at the ENRich 2023 event, KPMG’s 14th Innovation and Energy Conclave.

Sinha emphasised the transformative potential of green hydrogen, seeing it as an opportunity to expand renewable energy applications. However, he pointed out the necessity of government subsidies and mandates to accelerate the sector's growth. Speaking about ReNew's future plans, Sinha stated their commitment to continually increasing solar and wind capacity.

"As our country's power demand grows by 7 to 8% annually, we'll continue to expand solar and wind capacity since they are the most cost-effective energy sources," he explained.

In addition to expanding renewable energy capacity, ReNew aims to become a prominent decarbonisation company, assisting corporations with products and services. Sinha underscored the immense potential of the renewable energy sector, predicting it could eventually surpass the oil and gas industry in size. He estimated that the sector would require annual investments ranging from $3 trillion to $4 trillion globally over several years.

Sinha also highlighted the crucial role of multilateral banks in supporting energy projects in emerging markets. He suggested that these institutions could facilitate private sector investments by taking on more risks. He noted the challenges faced by multilateral banks due to limited mandates, indicating that governmental changes in mandates were necessary to address this complex issue.

Source: ET