India’s Essar Group is poised to initiate an ambitious foray into low-carbon initiatives spanning three continents. This significant plan represents the conglomerate’s concerted effort to prioritise clean energy investments and take a leadership role in sustainable, environmentally-friendly solutions.
The company is gearing up to invest in low-carbon ventures in Saudi Arabia, the United Kingdom, and India. It anticipates securing final approvals by June 2024 to kickstart a $4 billion project aimed at constructing a low-carbon steel plant with an annual production capacity of 4 million tons in Ras Al-Khair, Saudi Arabia, as reported by media outlets.
In addition to this endeavour, the Indian conglomerate has outlined plans to allocate $3.6 billion for the development of various low-carbon energy projects over the next five years. These initiatives encompass a $2.4 billion project focused on the decarbonization of its oil refinery in the UK and a $1.2 billion green ammonia plant in India, designed to cater to the UK and other international markets within approximately three and a half years.