If the world is to limit catastrophic global warming, then it needs to take bolder action to cut carbon dioxide emissions to deliver Net Zero by 2050. Greenko is focussed on decarbonizing electricity, as a first and significant step towards Net Zero - supported by the right infrastructure and expertise, this can start today.
Carbon Free Energy, beyond carbon neutral, is an essential element of Low Carbon Growth path for industries, buildings, and cities.
Carbon Neutrality on Paper but Emissions in Reality - Anomaly in Carbon Accounting>
If an entity or its supplier generates Renewable Energy (RE) over a year, and matches this RE with the entity's energy consumption also over a period of the same entire calendar year, the entity can claim that it has used 100% RE. Such Carbon Neutral claim is made, even though for 40-75% of the time, during the year, the entity or its supplier is not generating RE and the entity in fact is consuming electricity from the grid predominantly from fossil-based sources. To overcome this accounting anomaly, many companies, standards, accounting rules and UN backed institutions have adopted Carbon Free Energy (CFE). Unlike Carbon Neutrality, a claim of supply or use of Carbon Free Energy can only be made, if the entity is able match generation and consumption at each one-hour interval.
The coal based captive power plants generate about 250 TWh annually in India. If the Captive Power Generators adopt Carbon Neutral approach and accounting procedures, RE generation and consumption are matched on an annualized basis instead of hourly basis, 100% captive electricity generation will be carbon neutral on paper, but the coal based captive power plants may continue to generate up to 125 - 200 TWh and emit 62-97 million tonnes of CO2, constituting about 2-3 % of India's emissions.
However, if the Captive Power Generators adopt Carbon Free Energy accounting, the renewable energy generation and consumption can be matched hourly, resulting in not just Zero emissions from fossil-based sources such as coal and gas power plants but also lowering dependence on highly volatile commodity markets and further reducing long-run operational costs.
To achieve 24x7 CFE, energy consumers must do more than just procuring clean energy with current carbon neutral accounting approaches, as this will yield only diminishing returns on reducing the carbon intensity, as the share of RE increases.
Combining Renewable energy with Storage can only deliver 24/7 Carbon-Free Energy
- Without direct clean energy purchases, less than a quarter of consumers energy use would be matched with carbon-free sources on an hourly basis
- By directly purchasing solar and wind energy, because the wind blows at different times than the sun shines, up to 55% of energy usage can be matched with carbon-free electricity (middle) on hourly basis. Over-sizing renewable capacity in hybrid model has limited impact in reducing the electricity grid's CO2 emissions and leads to excess energy spillage on the grid/exchanges and increases technical and commercial operational complexity.
- By directly purchasing solar and wind energy with energy storage solutions, over 85% of energy usage can be matched with carbon-free electricity (bottom) on hourly basis. Using energy storage, true round-the-clock clean energy is achievable. Additionally, energy storage enables demand side management, displaces marginal, fossil generation during peak hours and further lowers rising energy costs for consumers.
Greenko's Intelligent Energy Cloud and Storage Solutions infrastructure delivers 24/7 carbon free energy. Many in the hard-to-abate sectors are seeking carbon free energy to meet Net Zero or Science Based Targets and Greenko offers unique, dispatchable carbon free energy and decarbonization solutions to customers in multiple sectors.
Greenko currently owns and operates 7.5 GW capacity of RE energy assets across 15 states in India. Traditionally, issues with intermittency in both renewable power generation and customers' power consumption has made it difficult to guarantee supply on demand. To ensure we can provide customers with 24/7 carbon free energy, we are developing a unique, world's largest energy cloud platform with 100 GWh of low cost, energy storage using proprietary closed loop, off-the-river pumped storage hydro technology. The platform will deliver over 100 TWh of managed energy [demand] across India, while ensuring that the renewable energy we generate is dispatchable 24/7- carbon free energy.
This is a step change in decarbonizing industry. By being able to deliver carbon free energy to match customers' electricity consumption anywhere and anytime and accelerate the drive towards Zero Carbon Future.
Greenko is a signatory to the UN Carbon Free Energy Compact, along with a range of corporates, policy makers, investors, and NGOs. Together we are working to realise a carbon free energy future by making it possible to ensure that every kilowatt-hour of consumption is matched with carbon-free electricity production.
The 24/7 CFE Compact is based on five principles:
Through the 24/7 Carbon-Free Energy (CFE) Compact, Greenko is working to develop and scale technologies, support energy policies, improve procurement practices, and provide solutions to transform India's energy system and enable rapid, cost effective Carbon Free Energy - every hour, every day, everywhere.