Indian multinational energy company Essar Group has announced a $2.4 billion green investment plan for the UK. A statement from Essar Group said the Essar Energy Transition Program aims to create the UK's leading energy transition center in North West England. This includes investment in blue and green hydrogen, ammonia, biofuels and the decarbonisation of UK refineries.

EET will invest $3.6 billion over the next five years to develop low-carbon energy transition projects. Of this, the company will invest $1.2 billion in India and $2.4 billion in its factory in Stanlow, UK. Vertex Hydrogen, a joint venture between Essar Oil UK and Bristol-based Progressive Energy, is developing 1GW of blue hydrogen for the UK market. It aims to reach a follow-on capacity of 3.8GW.

Investments made through the EET could support offsetting 20% of total industrial emissions in the North West of England, according to a company statement. It said carbon emissions from the Stanlow refinery could be reduced by 75% by 2030. EET managing partner Tony Fountain said EET's ambitious investment program would ensure Stanlow's long-term sustainable future, creating highly skilled jobs.

Essar Group has also invested in EET in India to cater to the country's growing hydrogen economy. The company announced a $1.2 billion investment to develop a cost-effective global supply hub for low-carbon fuels in India. In November, EssarGroup announced plans to invest $430 million to build a carbon capture and storage facility at the Stanlow refinery in the UK. The CCS plant aims to be operational by 2027, capturing 810,000 tonnes of CO2 per year.Editor/XingWentao