Hi-Tech Pipes will decarbonize 60 percent of its manufacturing capacities by 2030 and all of them by 2033. The development aligns with the Government of India’s push for reducing 30-35 percent carbon emissions by 2030 and achieving zero carbon emissions by 2070.
Jul 25, 2024
One of the leading steel tubes and pipes manufacturers of India, Hi-Tech Pipes Limited, has announced plans to decarbonize 60 percent of its manufacturing capacities by 2030 and all of them by 2033.
Hi-Tech recently signed a Memorandum of Understanding (MoU) for the time-bound generation and captive use of green hydrogen projects with a top renewable energy provider. The supplier would present its robust EPC credentials along with extensive R&D capabilities covering a wide range of green hydrogen applications, said Mr. Ajay Kumar Bansal, Chairman of Hi-Tech Pipes Limited.
According to Mr. Bansal, the development aligned with the government’s push for reducing 30-35 percent carbon emissions by 2030 and achieving zero carbon emissions by 2070. He said the company was committed to powering India’s drive towards carbon neutrality by leveraging the power of green hydrogen and renewable energy.
Hi-Tech forged this alliance to realize India’s green hydrogen aspirations, in sync with Prime Minister Narendra Modi’s vision to make India a hub of generation and export of green hydrogen. This partnership would focus on green hydrogen projects at the company’s plant located at Sikandrabad in Uttar Pradesh, he added.
Mr. Bansal said the proposed joint ventures would support the Government of India’s recently announced green hydrogen policy and enable the country’s transition from a grey hydrogen economy to a greener economy that increasingly manufactured hydrogen via electrolysis powered by renewable energy.
The Green Hydrogen policy notified by the Central government in February 2024 aimed at boosting production of green hydrogen and green ammonia to help the nation become a global hub for the production, use and export of green hydrogen & its by-products. For countries like India, with its ever-increasing oil and gas import bill, green hydrogen could help in providing the crucial energy security by reducing the overall dependence on imported fossil fuels. In addition to decarbonisation and financial goals, these Environmental, Social & Governance (ESG) programs would also help Hi-Tech Pipes to increase the company’s societal value by considering environmental sustainability and social responsibility, added Mr. Bansal.
Also Read: JSW Steel Plans to Invest USD 1 Billion in Decarbonization Operations
Hi-Tech Pipes further announced plans to have 13.5 MW renewable energy capacity for captive usage by December 2024. The steel pipe manufacturer said in an exchange filing that it has an installed solar power capacity of 8.5 MW and was in the process of installing another 5 MW in a phased manner through rooftop solar, open access & generation, and captive consumption of green hydrogen gas. This green power sourcing would contribute around 30 per cent of the company’s total power requirement, it added.
