JULY 20238TOP STORYWORLD BANK APPROVES 12,600 CRORE FOR INDIA'S CLEAN ENERGY TRANSITIONAMNS INDIA WILL RECEIVE AUTOMATION & ELECTRIFICATION SYSTEMS FROM ABB INDIAThe advanced steel cold rolling mill (CRM) of ArcelorMittal Nippon Steel India (AM/NS India) in Hazira, Gujarat, will be equipped with electrification and automation technologies, according to a statement from ABB India. According to ABB India in a regulatory filing, the original equipment manufacturer (OEM) for the project, John Cockerill India Limited (JCIL), is the source of the contract.In order to support increased energy efficiency, optimised zinc consumption, and high levels of corrosion resistance throughout the steel production process, it said that ABB India provides advanced electrification and automation systems, including the ABB Ability System 800xA distributed control system (DCS) and related equipment and components.The effort by AM/NS India to increase sustainability at Hazira will benefit from this. According to the corporation, the new CRM with cutting-edge processing lines is scheduled to go online in 2024.The most stringent quality standards are embedded in the design of the new processing lines, which are intended to create steel with modern value-added. Dilip Oommen, CEO of ArcelorMittal Nippon Steel India (AM/NS India), said, "This expansion will help us fulfil the growing demand for high-end steel while also enhancing our portfolio of value-added, sustainable steel.ABB is a leader in automation and electrification technology, creating a future that is more resource-conserving and sustainable. For the global steel industry, John Cockerill India Ltd designs, manufactures, erects, and commissions cold rolling mill complexes, processing lines, chemical equipment, industrial furnaces, and auxiliary equipment. The World Bank, a $1.5 billion loan has been approved for expanding renewable energy, creating green hydrogen, assisting carbon markets, and boosting climate financing."The Board of Executive Directors of the World Bank approved $1.5 billion in financing to hasten India's adoption of low-carbon energy. According to the World Bank, the funding will aid India in promoting low-carbon energy through boosting renewable energy production, creating green hydrogen, and encouraging climate finance for low-carbon energy developments. It was claimed that the First Low-Carbon Energy Programmatic Development Policy Operation, the first of two planned operations, will aid India in producing green hydrogen."Public sector finance alone won't be adequate to carry out India's energy transition due to the cash needed. By addressing viability funding gaps, lowering off-taker risks, increasing grid integration of renewables, and encouraging demand for renewable energy, this operation will assist encourage private financing and other support, it was noted.Auguste Tano Kouame, Country Director for India at the World Bank, "the programme will support the successful implementation of the National Green Hydrogen Mission, which seeks to stimulate $100 billion in private sector investment by 2030." He continued by saying that the World Bank was dedicated to assisting India in making the transition to a low-carbon economy by enhancing public funding and encouraging private sector investments.The program's objective is to increase the supply of renewable energy while lowering costs and enhancing grid connectivity. By 2030, India would be able to use 500 GW of renewable energy thanks to this. By soliciting bids for 50 GW of renewable energy per year between FY24 and FY28, the government expects to eliminate 40 million tonnes of carbon dioxide annually by 2026.
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