Global moves to reduce carbon emissions to slow down climate change have led to oil and gas companies around the world investing in renewable energy to reduce their carbon footprint and diversify offerings.
For instances:
State-owned Oil and Natural Gas Corporation is considering inorganic investments to reach a target of 10 GW of installed renewable energy capacity by 2040.
India’s top natural gas company, GAIL, is also looking at acquisitions to augment its 130 MW renewable energy portfolio. The company is aiming at reaching 1 GW of renewable capacity within 3-4 years.
IndianOil also has joint venture with Israel-based battery technology startup Phinergy to develop aluminium-air technology based battery systems for electric vehicles and stationary storage.
India is targeting 450 GW of installed renewable energy capacity by 2030 up from about 100 GW currently.
What is Green Energy?
Green energy is any energy type that is generated from natural resources, such as sunlight, wind or water.
It often comes from renewable energy sources.
The key with these energy resources are that they don’t harm the environment through factors such as releasing greenhouse gases into the atmosphere.
Solar energy, wind power, geothermal energy, biomass and hydroelectric power are sources of green energy.
Why It Is Important
Green energy is important for the environment as it replaces the negative effects of fossil fuels with more environmentally-friendly alternatives.
It is better for the health of people and animals that have to breathe the air.
Green energy can also lead to stable energy prices as these sources are often produced locally and are not as affected by geopolitical crisis, price spikes or supply chain disruptions.
The economic benefits also include job creation in building the facilities that often serve the communities where the workers are employed.
Renewable energy saw the creation of 11 million jobs worldwide in 2018, with this number set to grow as we strive to meet targets such as net zero.
Due to the local nature of energy production through sources like solar and wind power, the energy infrastructure is more flexible and less dependent on centralised sources that can lead to disruption as well as being less resilient to weather related climate change.
