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Business EconomyPosted at: Apr 25 2024 4:32PM


Shree Cement joins RE100

Mumbai, Apr 25 (UNI) Shree Cement, one of India's largest cement producers with an installed capacity of over 56 MTPA, has announced its membership in the esteemed RE100 initiative, a global initiative led by Climate Group, advocating for businesses to convert to 100 per cent renewable electricity for all their operations.
This commitment underscores Shree’s dedication to accelerate the global transition to 100 per cent renewable electricity consumption among influential businesses, according to a media statement here on Thursday.

Neeraj Akhoury, Managing Director, Shree Cement Ltd, said on the milestone, "Joining the RE100 initiative is a significant step in our journey towards becoming a modern and green building material company. We are committed to transitioning our operations to 100% renewable electricity consumption and accelerating investments in renewable electricity infrastructure. Our aim is to set a benchmark for sustainability within the cement sector and inspire positive change throughout the industry.”

Atul Mudaliar, Director of Systems Change-India, Climate Group, said, “Shree Cement’s commitment to use 100% renewable electricity by 2050 is commendable. Their plans as part of our RE100 initiative show that businesses in cement and other hard-to-abate sectors can transition their operations to become more sustainable, if they set their sights on this goal. This is the outlook the world needs from businesses to tackle climate change head-on.”

Aligned with national goals, Shree Cement is committed to reducing thermal power consumption and increasing renewable electricity usage. Significant investments have been made to expand the solar and wind electricity portfolio, with 236 MW solar & wind power plants installed across India at a capex exceeding Rs. 1050 Crores.
An additional 112 MW solar power plants are under installation in five states - Jharkhand, Haryana, Rajasthan, Uttar Pradesh and Uttarakhand. 36MW wind power plants are under planning in Rajasthan. The total estimated capex towards these solar and wind power plants is over Rs. 700 crores.

Neeraj Akhoury added, “With sustainability as the cornerstone of our growth strategy, we have been pioneers in adopting innovative technologies to minimise consumption of non-renewable sources and reduce emissions. We are also exploring innovative techniques to enhance renewable electricity usage such as battery storage, pump storage, green hydrogen, among others.”

Shree Cement will prioritise close collaboration with stakeholders, local communities, and government agencies to address challenges and promote the widespread adoption of renewable electricity solutions. Furthermore, the company will ensure transparent monitoring and reporting of progress towards renewable electricity goals, demonstrating Shree’s dedication to accountability and sustainability.

UNI SJC KK
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