Hygenco’s first Green Hydrogen Plant in India in the pipeline
Hygenco India has signed India’s first long-term green hydrogen offtake agreement with Jindal Stainless (JSL). JSL is one of the largest stainless-steel conglomerates globally. The green hydrogen plant will help in reducing JSL’s annual carbon emissions by about 2,700 metric tonnes per year. It would enable de-carbonization and promote sustainable development. Hygenco is a global leader in deploying green hydrogen solutions. The off-take agreement will see Hygenco build-own-operate (BOO) the green hydrogen facility for 20 years. Large-scale adoption of green hydrogen across industries will give an impetus to the government’s National Hydrogen Mission. It aims for the production of 5 million tonnes green hydrogen by 2030.
Rural jobs scheme work generation down 50% in July
The dip in work generation is in line with a fall in demand for work under the scheme. It also corroborates with a significant fall in unemployment rate in rural India. The fall in the month of July was largely due to a pickup in agricultural activities, as labour demand shot up for kharif cultivation. At the same same, there has been a surge in demand for workers for public works in rural areas. Most of the labourers are also returning to industrial towns, with a near-end to reverse migration seen during pandemic times. This has also led to fewer people seeking work under the NREGA scheme in villages.
Increasing investment in EV charging Infrastructure in Residential Complexes
Statiq, India’s leading Electric Vehicle charging network, has plans to invest Rs. 40 crores in building EV charging infrastructure across residential projects. They plan to offer free hardware installation and free charging of vehicles for the first year to residents in the complexes. Their focus is initially on Delhi-NCR region, followed by other metro cities. Each charging hub will be equipped by Statiq with two 7.7-kW type-2 connectors for the new-age 4W passenger vehicles and two 3.3-kW smart sockets to be used by all EVs. With this ambitious plan, the company is closing in on its grand plans to add over 20,000 new EV chargers to its network by 2022.
Greater focus on “Rurban”: making villages the rich countryside
Focusing on “Rurban” (rural+urban) development means creation and sustenance of a cluster of villages in proximity to each other, and which house a robust economic driver. One out of every 3 Indian dwells in a city or town, and increasingly, India’s urban hubs will become unliveable (1 out of 2 by 2050). Facilities such as airports, railway station or university can’t be replicated in every rural pocket. But clusters in close proximity may be created that will host an urban equivalent infrastructure and attract investments. Since 2016, the union Government has been running a Rurban mission. It has invested Rs. 27,700 Crores for developing close to 300 such clusters. However, the government can create a separate department for Rurban and arm it with sufficient funds to have an impact.
India’s annual green finance is just 1/4th of its needs
A report by Climate Policy Initiative (“Landscape of Green Finance in India”) has claimed that the tracked green finance in 2019-2020 was Rs. 309,000 crores ($44 billion) per annum. But this is less than a fourth of India’s green finance needs. CPI, a US-based analysis and advisory organization, has tracked green investment flows. For India to achieve its Nationally Determined contributions (NDCs) under the Paris Agreement, the country needs $ 2.5 trillion dollar investment from 2015-2030. This translates into $170 billion per annum. The evaluation of finance flows has been estimated for key real economy sectors like clean energy, clean transport and energy.
Passenger vessel ATAL launched for Andaman Administration
Cochin Shipyard Ltd. has launched the 2nd in the series of two 1,200 pax passenger vessel named “ATAL”. it is currently under construction. The ship is to be built to the highest standard of Indian Register of Shipping and LLoyds Register of Shipping, overseen by the DG shipping of India. It also meets the requirements of “Class 3 Special Trade Passenger Ship” as per Indian Merchant Shipping rules. The 157 m long ATAL vessel will also have electric propulsion suitable for carrying 1,000 tonnes cargo for “all-weather” operation on the mainland and the Andaman and Nicobar route. The ship would be a major boost to the tourism sector.