India's Essar Group has created a new entity that will control its various businesses and drive USD3.6bn worth of low carbon projects in UK and India over the next five years. It has also turned its focus on creating new ESG-compliant businesses to cut emissions from existing projects. Essar Energy Transition (EET), the new unit that will control its various business, would invest USD2.4bn across its site at Stanlow, between Liverpool and Manchester and USD1.2bn in India for developing low carbon energy transition projects. Through its investment in the UK, EET hopes to cut around 3.5 million tonnes of carbon dioxide - nearly a fifth of the total industrial emissions in Northwest England.

Source: Reuters