Indian multinational EPC contractor Larsen & Toubro aims to achieve carbon neutrality by 2040, ahead of the Paris Agreement deadline of 2050. To achieve the target, L&T will progressively ramp up the share of renewable energy in its total energy mix, focus on energy conservation, among other efforts.
In FY2020-21, more than 10% (28.87 million units) of the total electricity consumed by L&T came from renewable sources. This included the solar and wind electricity sourced as well as solar electricity harnessed at its campuses. The company was able to avoid 33,500 tons of CO2 emissions during the year through energy conservation measures and renewable energy together.
To capitalize on emerging opportunities, L&T will increasingly focus on ‘new energy’ areas (such as hydrogen, energy storage, and carbon capture) and ‘operations and maintenance.’ It is working on a business plan for technology selection and finalization of the Go-To-Market strategy in new energy.
L&T, through its renewables business unit, provides single-point EPC turnkey solutions for solar PV projects, along with modularized energy storage solutions, in India and abroad. The company has a cumulative solar portfolio of over 5 GW, which includes projects built or being built by it.
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