Indore-based EKI Energy Services, the largest carbon credit developer and supplier in the developing world, and European oil and gas majors will soon launch a ₹1,000 crore plus initiative to supply free stoves to rural households to reduce carbon footprint. The company is in advanced discussions with some of the European oil and gas majors for partnering and has floated a company for the purpose, Manish Dabkara, chairman and managing director at EKI Energy, told Fortune India.
"Rural households cook in their kitchen or in the open using wood with three stones or a U shaped choolaah. The wood they burn gets only 5-7% thermal efficiency. We will supply uniquely designed metal cookstoves for free, which will have a thermal efficiency of 25%-35%, helping to reduce burning of the wood required for cooking food. That is with less wood, they will be able to cook more food, saving forests and other emissions," he explained. Patent for the internally designed cook store is pending for grant.
EKI Energy has floated a company, GHG (greenhouse gas) Reduction Technologies, for the purpose and is teaming up with multiple oil and gas majors in Europe who have already placed orders. EKI Energy and partners will invest over Rs 1000 crore in this project in the initial years, said sources.
Sustainability related carbon credits can be claimed by the company and returns will be from sale of carbon credits. EKI Energy has incorporated a company, with a manufacturing unit in Nashik. In 2022-23, EKI Energy is planning to mobilise 6-10 million cook stoves, which will be distributed to rural households through its own channels and by roping in NGOs. So far none of the government agencies have come forward to partner in this project, he said.
EKI Energy has also floated a joint venture with oil major Royal Dutch Shell, which may invest billions of dollars to create 120 million carbon credits annually by 2030. Though EKI Energy has 51% stake in the JV, 93% of investments will be made by Shell in nature based carbon reducing solutions like mangrove protection, organic farming, forestry etc to create carbon credits.
EKI Energy offers end-to-end solutions in training, consulting, energy conservation, carbon credit trading, Clean Development Mechanism (CDM) and Electrical Safety Audit, Carbon Footprint measurement and management, and many more sustainability services. It serves over 2,500 corporate customers, mostly renewable energy companies and 70% of the projects are from India. The rest are spread over 40-45 countries, mainly developing countries.
