India's largest company, Reliance Industries, plans to shift its twin refineries in Gujarat to use green hydrogen instead of grey hydrogen, as part of its new energy initiative. The company targets 20-gigawatt solar power generation by 2025 and aims to be carbon-neutral by 2035. Reliance will also set up battery and wind turbine manufacturing ecosystems, and has partnered with global companies for its green energy project. Don't miss updates on Fortune India's journey by following us on social media and visit Amazon to purchase the latest article.
Reliance Industries Unveils Green Hydrogen Ambitions: India's Energy Transformation
Amidst the global push for sustainable energy, India's largest company, Reliance Industries, has set its sights on becoming a leader in the hydrogen revolution. As part of its new energy strategy, the company plans to transform its twin refineries in Gujarat from using grey hydrogen to green hydrogen.
Background: Hydrogen as a Clean Energy Source
Hydrogen, the lightest element in the periodic table, holds immense potential as a clean and renewable energy source. When combined with oxygen in a fuel cell, it produces electricity and water, emitting no harmful emissions. This makes hydrogen an attractive alternative to fossil fuels, particularly in sectors such as transportation, power generation, and industrial processes.
Reliance's Green Hydrogen Initiative
Recognizing the transformative power of hydrogen, Reliance Industries has outlined an ambitious plan to establish itself as a major player in the global hydrogen market. The company aims to:
Top 5 FAQs and Answers
1. What is the difference between grey hydrogen and green hydrogen?
2. Why is Reliance shifting to green hydrogen?
3. What are the benefits of using hydrogen in refineries?
4. How will Reliance source green hydrogen?
5. What is the significance of Reliance's green hydrogen initiative for India?
Conclusion
Reliance Industries' bold move into green hydrogen is a testament to India's commitment to sustainable energy. By leveraging its vast resources and partnerships, the company aims to become a global leader in this emerging industry. The transition to green hydrogen holds the potential to transform India's energy landscape and contribute to the country's economic growth while reducing its environmental impact. As the hydrogen revolution unfolds, Reliance Industries is poised to play a pivotal role in shaping the future of energy in India and beyond.
In a bid to address the issue of unemployment in his constituency, three-time Chevella MLA Kale Yadaiah has announced plans to promote industries in the region. Yadaiah, who has won on Congress, BRS, and Congress tickets in the past, secured a close win in the recent Assembly elections and is now determined to fulfill his ambition of promoting industrial growth in Chevella. His plans include setting up textile and electric battery manufacturing units in Shabad mandal and a textile industry in Chevella mandal, which he estimates will provide employment to thousands of locals. Yadaiah's efforts are set to bring much needed stability to the region's revenue and boost economic development in the area.
The insurance sector is hoping for significant changes in the upcoming Budget 2024 to boost its growth and contribute to India's economy. With low insurance penetration rates in the country, the industry is looking for reforms that will incentivize adoption and increase accessibility. The industry is also urging for tax benefits for pension products to support the growing aging population in India and ensure a secure retirement income for them. The sector is counting on the government to demonstrate its commitment to the goal of Insurance For All by 2047.
The coach of the German national football team has banned players from inviting their wives and girlfriends for the upcoming European Football Championship in 2024. This decision was made after the coach noticed that their presence has caused distractions for the players. Despite initially allowing WAGs to accompany the team, they will no longer be allowed due to Germany's exit from the quarter-finals. With high chances of winning the tournament, the coach is taking precautionary measures to ensure the team's focus and success.
Jothy Rosenberg, a successful entrepreneur with 35 years of experience founding and running startups, shares his insights on why 7.5 out of 10 venture-backed startups fail. He believes that it's because the founders lack focus on five crucial aspects: having the right CEO, proving product-market fit, raising money from the right investors, managing runway, and fostering a strong company culture. He emphasizes that during the initial phase, the CEO should be the person with the strongest passion and ability to articulate the solution, rather than solely relying on sales and marketing expertise. Additionally, Rosenberg stresses the importance of identifying a narrowly defined market segment, finding lighthouse customers to define the minimum viable product, and continuously testing and improving to prove product-market fit.
Global marine fuel supplier Bunker One has hired a CFO for its Brazilian unit, with the hope of continuing their successful growth through future projects like the Trans Mountain pipeline. Marcus Cabral, formerly a vice president for Nova Offshore, will take on the role of CFO for Bunker One Brazil as they look to expand their presence in South America. The firm anticipates spending $15 million on emissions compliance in 2024, representing a small but significant portion of their total fuel and emissions bill for the year.
After securing a historic victory at the 2024 T20 World Cup, the Indian cricket team finally returns home after being stranded in Barbados due to a cyclone. Upon arrival, the team was welcomed with a grand celebration at the Indira Gandhi International Airport, where fans cheered enthusiastically. The team will now proceed to meet Prime Minister Narendra Modi before a victory parade and ceremony at Wankhede Stadium in Mumbai.
Shipping stocks, including Mazagon Dock Shipbuilders, Garden Reach Shipping, and SEAMEC, saw a surge in trade on Wednesday following the collapse of the Baltimore Bridge in Maryland. Independent market expert Ambareesh Baliga predicts that the disruption will cause freight charges to rise, benefiting shipping companies. While a temporary channel has been opened to allow some vessels to move around the stuck cargo ship, the wider restoration of commercial shipping remains challenging. This incident may be the worst US bridge collapse since 2007, with reports suggesting that it may take years to replace the bridge.
Housing & Urban Development Corporation (HUDCO) has gained momentum in the stock market, with its shares hitting a 52-week high on the NSE at ₹325.80. The stock is trading in the green, along with other Indian stock markets, on 4 July 2024. Stay updated with the latest share prices, BSE, NSE, Sensex and Nifty updates on BusinessLine to stay ahead in the game. Download the BusinessLine apps for additional benefits.
Minister of Road Transport and Highways, Nitin Gadkari will unveil India's first ever CNG bike at tomorrow's launch event. With its factory-fitted dual fuel option and lower running costs, the Bajaj CNG bike is expected to make a significant impact on the two-wheeler market. Despite the lower energy density of CNG, the bike is projected to have comparable performance and an impressive mileage range of 70-90 km/L. Built with a mix of design elements and components from different bike styles, the Bajaj CNG bike will have a premium and distinctive appearance. It is expected to be priced within the range of Rs 80k-90k and with the potential for large-scale adoption, it could contribute to reducing India's energy imports.
Delhi Police increased security outside Congress leader Rahul Gandhi's house after receiving information about possible threats from right-wing organizations. A platoon of paramilitary personnel and several teams from the Delhi Police were deployed after intel suggested a disturbance in the area. This comes after Gandhi made a remark in his first speech as Leader of Opposition in the Lok Sabha, criticizing the BJP and causing backlash from party leaders. The DGCA has also asked Air India for a report about causing inconvenience to passengers by using a plane to transport the Indian cricket team from Barbados.