industry

EKI Energy Service floats new co for carbon offset through green cooking


Indore-headquartered EKI Energy Services Ltd (EKIESL) on Friday announced incorporation of a new venture for integration of carbon credit supply through green cooking initiative.

The new company — GHG Mitigation Technologies Pvt Ltd, will manage backward integration of carbon credit supply chain through EKIESL’s community development project – Green Cooking initiative that replaces traditional inefficient mud stoves with improved cook stoves across rural households globally.

In the first phase, it will manage the manufacturing and distribution of improved cook stoves. Over the subsequent phases, the associate will oversee and manage the generation and supply of carbon credits to companies across the world in close consultation with EKIESL, it said.

This will enable EKIESL to achieve newer heights as a leader in the carbon markets which offers a diversified and comprehensive bouquet of end-to-end solutions for climate action and carbon offset.

EKI Energy Services Ltd chairman and managing director Manish Dabkara said, “As a brand, we are consistently innovating to develop sustainable solutions to mitigate carbon emissions on the planet. The new company is a strategic step in this direction that will enable us to holistically manage the backward integration of carbon credits. We plan to first generate credits through the cook stoves and then supply it to companies globally to achieve their climate ambitions. With the strategic management of the carbon credit supply chain, we will now be able to further enhance our leadership position in the global carbon markets”.

The new group company will be co-owned by EKIESL with a 49.5% stake and remaining held by corporate/individual investors. It will be registered with Indore (MP ROC) and will have its manufacturing unit in Nashik, Maharashtra.

Introduced in 2018, EKIESL’s green cooking initiative is a community development program that provides efficient cook stoves free of cost to economically weaker families in remote locations across the globe.

“Efficient cook stoves are not only environmentally safer given its reduced emission of greenhouse gases, but they also offer numerous social and economic benefits that align with multiple UN Sustainable Development Goals (SDGs) including – climate action, reduction in firewood consumption, forest and biodiversity conservation, good health and well being, employment creation, savings in health cost, enhancement of indoor air quality inside homes amongst others,” the statement said.

EKIESL has given out over 80,000 cook stoves as on date and plans to scale the initiative to 2.5 million cook stoves in the next six months which can help offset millions of metric tonnes of carbon footprint.

EKIESL has recently joined hands with Shell Overseas Investments BV (a unit of Royal Dutch Shell plc) to launch a joint venture to work on reducing carbon emissions in India through Nature-based solutions.

EKI Energy Services listed on Bombay Stock Exchange in April this year at Rs 102 a share while the company’s stock closed on Thursday at Rs 10372.75 a share. The company founded in 2008 deals in end-to-end climate change, carbon credit and sustainability solutions. This includes development, supply and trading of carbon credits or carbon offsets, which are instruments issued to entities for low carbon emissions.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.