Welcome to the latest edition of the Essar Essence Newsletter!

As we continue our journey towards a sustainable and greener future, this issue is filled with exciting updates that reflect our commitment to innovation, decarbonisation, and responsible growth. From securing financing to advancing our low-carbon ambitions and forging new partnerships, we’re proud to share how Essar is leading the charge in transforming industries.

Essar partners with Financial Times for their Energy Transition Summit in India & UK

Last month, Essar took the lead as a Founding Partner at the Financial Times Energy Transition Summit 2024 in Delhi, India, and as the Lead Partner in London, UK. At both events, Essar’s senior leadership shared valuable insights on driving sustainable energy solutions and how the company is advancing its commitment to a low-carbon future. The summit brought together global industry experts and policymakers to explore the critical shifts needed for a successful energy transition.

Here’s a look at some of the key moments from the event:

Prashant Ruia , Director, Essar outlined Essar's pioneering initiatives in decarbonisation during a keynote with Pilita Clark . He highlighted how Essar is driving the energy transition in a commercially viable way through multiple initiatives. In the UK, Essar is delivering the world’s first decarbonised refinery, reducing 95% emissions by 2030. In India, Essar is focused on green mobility value chain – from manufacturing to logistics and retail, using LNG and electric trucks to reduce emissions in heavy tucking industry, alongside investments in building round-the-clock renewable energy projects using solar, wind, and battery storage.

Joe Seifert , CEO of EET Hydrogen , spoke on the potential of hydrogen in decarbonisation, addressing the challenges around cost and scalability challenges. He also highlighted Essar’s progress in developing the UK’s largest low-carbon hydrogen hub as part of the HyNet cluster, which will capture 2.5 million tonnes of CO2 annually.

Deepak Maheshwari , CEO of EET Fuels , joined a panel on carbon capture and storage (CCS), discussing regulatory frameworks to support the deployment of CCS and its economic viability. Essar’s CCS initiatives will be crucial for large-scale decarbonisation at Stanlow.

Tony Fountain , Managing Partner, EET , emphasised the importance of CBAM (Carbon Border Adjustment Mechanism) alongside CO2 taxes, advocating for fair competition within Europe’s oil & gas sector. He also highlighted the complexity of carbon emissions allocation but insisted it’s manageable.

Bhuwan Chandra Tripathi , Advisor, EET , explored India's potential as a green hydrogen hub, citing competitive production advantages and government support. He emphasised the importance of strengthening the electricity grid and providing fiscal incentives to meet India's green energy targets.

Dr. Haseeb Drabu , Group Advisor, Essar, led a discussion on the need for political consensus to drive India’s energy transition. He proposed the creation of an Energy Transition Council for India, modelled after the GST Council, and advocated for Regional Renewable Energy Hubs in resource-rich areas like the Northeast and Jammu & Kashmir.

The Sunday Times Explores Prashant Ruia's Journey and Essar's Bold Vision

In a recent interview with The Sunday Times, Prashant Ruia shared insights into his personal journey and Essar’s bold vision for the future. He discussed the company’s ongoing transformation, its commitment to sustainability, and its pivotal role in shaping the global energy transition. The conversation highlighted Essar’s strategic initiatives, including its pioneering decarbonisation projects and ambitions to lead in green energy innovation.

●?The establishment of the UK’s first decarbonised refinery, which will be powered by hydrogen and is designed to reduce CO2 emissions by 95%.

●?Future plans for carbon capture technology that will store CO2 in Liverpool Bay, potentially transforming the industrial landscape of northwest UK.

●?The construction of a hydrogen plant with a capacity of 350 MW, along with plans for additional facilities to supply hydrogen to nearby industries, further advancing the decarbonisation efforts.

Under Prashant Ruia’s leadership, Essar is positioned as a key player in the UK’s Energy Plan, playing a crucial role in the country’s mission to achieve net-zero emissions by 2050.

Read the full article: tinyurl.com/nhm4z33t

EET Welcomes Government Backing of HPP1 Project as Part of HyNet Initiative

Essar Energy Transition (EET) plans to invest a total of $3 billion in developing a variety of low-carbon energy projects over the next five years. The UK government has reaffirmed its support for the Hydrogen Production Plant 1 (HPP1) project, a key element of the HyNet low-carbon cluster.

This government backing marks a significant milestone in Essar's vision to lead the energy transition through hydrogen production, carbon capture, and other innovative low-carbon technologies. The hub will produce 1,350 MW (HPP1 – 350MW and HPP2 – 1000MW) of hydrogen capacity and capture approximately 2.5 million tonnes of carbon per year, which is equivalent to removing 1.1 million cars from the roads.

For more detailed information, please visit: https://lnkd.in/gh4ryk3s

EET Fuels Secures USD 650 Million Financing Facilities to Drive Decarbonisation Strategy

EET Fuels has successfully secured $650 million in financing facilities, marking a significant milestone in the company’s decarbonisation journey. The funds will support EET Fuels' ambitious plans, including the development of the UK's first low-carbon refinery at Stanlow. This project aims to reduce emissions by 95% by 2030 through advanced technologies such as carbon capture and the production of blue hydrogen.

The ongoing support from major European banks and global trading partners further solidifies EET Fuels' position as a leader in the global energy transition.

For more information, click here: https://lnkd.in/ehc32VME

GreenLine partners with 欧莱雅 India

GreenLine, a key player in Essar's green mobility initiative, has partnered with L'Oréal India as their sustainable logistics partner. In collaboration with GreenLine, L'Oréal India is incorporating sustainable, LNG-powered heavy-duty trucks into its supply chain, which will greatly reduce its Scope 3 carbon emissions.

GreenLine Accelerates Decarbonisation with 1,000 LNG Trucks by 2025

GreenLine, is expanding its fleet of LNG-powered trucks as part of its mission to decarbonise India’s logistics sector. By March 2025, GreenLine plans to add 1,000 LNG trucks to its existing fleet of 500, making a significant move towards cleaner and greener transportation solutions in the country. LNG-powered trucks play a crucial role in India’s broader effort to reduce carbon emissions and meet its net-zero goal by 2070.

This ambitious expansion has been reported by the Press Trust of India (PTI), where more details about the initiative can be found: https://lnkd.in/dhTjYe4R.

Diwali 2024 at Essar: A Celebration of Togetherness and Joy

This Diwali, the Essar family came together to celebrate the festival of lights in grand style. The festive week was filled with joy, laughter, and activities that brought the entire team closer, making it a memorable occasion. From beautifully decorated offices to traditional rituals and engaging games, the spirit of Diwali was truly alive at Essar.

For us, Diwali is not just a time for celebration, but also a moment to reflect on the values of unity and togetherness that define our community. It’s an opportunity to spread happiness, strengthen bonds, and embrace the warmth of being together.

Watch the celebration here: https://tinyurl.com/yav35mkh

From making strides in decarbonisation to forming meaningful partnerships and securing crucial funding, Essar continues to lead with a purpose. Our commitment to a greener, more resilient future remains strong, and we’re excited for what lies ahead.

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