NEW DELHI: Vedanta Resources key arm Fujairah Gold FZC on Wednesday said it is all set to make a foray into the clean energy space.
The UAE-based company, led by Chairman and MD Agnivesh Agarwal, is exploring opportunities in clean energy in line with parent Vedanta Group's mission to achieve net zero by 2050 or sooner, Fujairah Gold FZC said in a statement.
A first-of-its-kind initiative in Fujairah industrial hub, Fujairah Gold has started installing solar-based power system to run the plant's operations. The solar-based power generation will be operational by May, as part of its plans for 100 per cent solar power-based operations.
In another key initiative towards transitioning to clean energy, Fujairah Gold has started using piped natural gas (PNG) in its operations to reduce greenhouse gas emissions. "Fujairah Gold is driving Vedanta's mission of 'Transforming for Good'. Our recent endeavours to reduce the overall carbon footprint will deliver sustainable value to all the stakeholders. Our aim is to leverage the latest technology and the best sustainable practices to put Fujairah on the world map," it added.
Apart from leading Fujairah Gold's transition towards clean energy, Agarwal is also working on a comprehensive strategy to harness green hydrogen for plant and mining operations. Energy experts believe that clean energy sources like hydrogen technology would be at the core of global efforts to move towards carbon neutrality.
Hydrogen has the potential to de-carbonise the future and will play a pivotal role in the green economy of the UAE, as identified by the Dubai Future Foundation. Fujairah Gold, a key subsidiary of Vedanta Resources, operates a precious metal refinery and a continuous cast copper rod plant, which is strategically located at Fujairah Free Zone-II.