Shell will put $1.6 billion into a JV with EKI Energy Services.
Indore-based green consultancy EKI Energy Services will float a joint venture with oil major Royal Dutch Shell that will invest $1.6 billion
According to these sources, the joint venture will aim to produce 115 million carbon credits in five years as part of Shell’s strategy to develop in India’s renewables area.
Shell to invest $1.6 billion in JV with EKI Energy Services The joint venture will target production of 115 million carbon credits in five years, as part of Shell's plan to expand in India's renewables space, these people… #Industry by #EconomicTimes https://t.co/FsKh2US1l8
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Indore-based green consultancy EKI Energy Services will form a joint venture with oil major Royal Dutch Shell that will invest $1.6 billion over five years to supply “nature-based solutions” to the Indian industry.
Shell will own the remaining 49 per cent of the joint venture, with EKI Energy owning 51 per cent.
The corporations have yet to respond to the news. This week will most likely see an official announcement.
In the context of India’s commitment to net-zero carbon emission objectives, the joint venture will cater to Shell’s green requirements in India as well as those of other domestic businesses, they said.
In April of this year, EKI Energy was listed on the BSE at a price of 102 per share. The company’s stock finished at $5,298 per share on Tuesday.
Prime Minister Narendra Modi revealed India’s goal to attain net-zero emissions by 2070 during COP26 in Glasgow last month.
Restoration, management, and construction of green infrastructures are all examples of nature-based solutions. Coral reefs, seagrasses, urban green areas, rivers, and mangroves are all examples of afforestation and protection. These are meant to mitigate climate risk while also restoring and protecting biodiversity.
EKI, which was founded in 2008, offers “end-to-end climate change, carbon credits, and sustainability solutions“, Carbon credits or carbon offsets are instruments awarded to entities for minimal carbon emissions. This involves the development, delivery, and trade of carbon credits or carbon offsets.
The World Bank, Indian Railways, NTPC, Adani Group, SoftBank Group, Aditya Birla Group, and NHPC are among the company’s 2,500 clients in 40 countries.