The Energy Conservation bill 2022 which was tabled in Parliament on wednesday - may push manufacturing companies to step up the use of green energy for their captive needs.
It proposes the to mandate the use of non fossil sources for industrial activity, penalising those who dont do so. Most of the companies from cement and metal to petrochemical depend largely on thermal power for their energy requirements.
Firms such as Ultratech, Vedanta, Hindustan Zinc (HZL) and JSW steel have plans to make transition to green energy. Estimates suggest that by 2030, large manufacturing could have around 20-25 percent of their captive power needs coming from non fossil fuels.
According to Ministry of steel, India contributes 12 percent to total carbon dioxide emissions annually ahead of global average of around 8 per cent.
The government directed steel companies to develop a time bound action plan to reduce carbon emissions.
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