homebusiness Newscompanies NewsNLC India targeting 6 gigawatts of renewable capacity by 2030 in line with global climate goals
NLC India targeting 6 gigawatts of renewable capacity by 2030 in line with global climate goals
Prasanna Kumar, the Chairman and Managing Director of NLC India, emphasised the importance of aligning with the goals set at COP28, stating, "As decided in COP28, the renewable capacity across the globe needs to be tripled by 2030, and the energy efficiency improvement needs to be doubled."
Tamil-Nadu based lignite producer NLC India plans to expand its renewables capacity to six gigawatts by 2030 from 1.4 gigawatts.
Prasanna Kumar, Chairman and Managing Director of NLC India said the company already has two gigawatts of renewable capacity is in the pipeline, with active work in progress in Gujarat, Rajasthan, and Tamil Nadu.
"As decided in COP28, the renewable capacity across the globe needs to be tripled by 2030, and the energy efficiency improvement needs to be doubled," he said.
At the COP28 summit in Dubai on December 13 delegates at the United Nations reached an agreement urging nations to "transition away from fossil fuels" in a just and equitable manner, aiming for a net-zero carbon footprint by 2050. The agreement specifically calls for a threefold increase in global renewable energy capacity by 2030.
Kumar explained that NLC's expansion plan involves a balanced approach, focusing on both renewable and conventional sources.
The company had recently unveiled a Corporate Plan 2030, under which it proposed a massive capex of ₹82,174 crore for enhancing mining, power generation, and diversification of businesses.
The state-owned firm had a solid second quarter show with nearly 164% year-on-year (YoY) jump in net profit to ₹1,084.7.
The company's current market capitalisation is at ₹26,221 crore and it competes with industry peers such as Indowind Energy and Adani Power.
NLC India has seen its stock soar, more than doubling in value in the current year.
(Edited by : Shweta Mungre)
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