EKI Energy Services announced its target to mobilize 1 billion carbon credits by 2027, along with its commitment to be net-zero by 2030.
EKI Energy or EnKing International is an Indian-based carbon credits developer and supplier. It delivers a wide range of services, particularly in the areas of climate change, carbon credits, and sustainability.
EKI help businesses and organizations to achieve their climate ambitions. It does so by offering carbon offsetting, carbon footprinting, and carbon-neutrality.
The developer also provides help with renewable energy and carbon offset standards.
The company also provides counseling on implementing nature-based solutions and generating nature-based credits.
It has traded more than 100 million offsets to date.
EKI is India’s largest Carbon Asset Management company that handled more than 100 ETS and over 200 voluntary projects.
EKI Energy’s Investment Focus on Carbon Credits
The firm’s target to produce 1 billion carbon credits by 2027 has a big role to meet the world’s need of 58 billion credits a year.
EKI has been identifying projects within and outside Indian territory that cut emissions. The major carbon credit projects it has been supporting include the use of renewables (e.g. solar, wind, and hydro). It also supported plenty of energy efficiency projects.
But with the new pledge of generating around $1 billion carbon credits, it’s largely focused on carbon reduction measures. In particular, the company aims to do backward integration of its carbon credit projects.
It plans to invest in low-cost environmental and community-based energy efficiency projects. Examples are biogas, tree plantation, and its own manufactured Improved CookStoves (ICS).
EKI said that their ICS will allow households to switch to an efficient cooking solution. Each cookstove is about 30% more efficient than traditional mud/stone fire cookstoves.
And so, it leads to a 45%-55% reduction in the use of firewood as fuel. Each of the ICS helps prevent as much as 4,000 kg of CO2 emissions a year.
The company aims to distribute 1.5 million cookstoves in the following year, some are for exports.
Meanwhile, the firm also plans to invest in safe water technology and green hydrogen projects to generate credits.
Below is the EKI’s project portfolio. All these projects are in line with the goals of Kyoto Protocol, Paris Agreement and the UN SDGs.
As per the firm’s CEO,
“Our renewed commitments will enable us to take greater charge of steering the planet to net-zero by becoming a service provider who leads by example to inspire million others in this quest…”
EKI’s “Steering the Planet to Net-Zero”
As the company’s gearing up for COP27 which is about six months from now, it unveils its new brand identity. It’s called “Steering the Planet to Net-Zero”, speeding up its climate action to full blown.
With this new brand positioning with a new logo, EKI declared its pledge to become net-zero by 2030. This climate commitment will help India fast track its stride toward net-zero by 2070.
A key component of the firm’s net-zero goals is speed-up its community-based projects.
In fact, the company had signed an agreement with Singapore-led Vitol Asia for distribution of its cookstoves. This project will generate over 11 million carbon offsets.
Moreover, EKI incorporated its associated company – GHG Reduction Technologies Private Ltd. earlier this year. This new entity has one sole task. That’s to fortify EKI Energy’s backward integration of carbon credit supply with its green initiatives.
According to the firm, community upliftment is its core focus area. But it also focuses on providing nature-based solutions (NBS) for companies to help them reduce/offset their emissions.
For instance, it partnered with Shell Overseas and form a joint venture that boost NBS in India. It’s a $1.6 billion investment from JV over a 5-year period to develop 155 million carbon credits.
Finally, EKI announced a renewed structure in line with its net-zero commitment. This includes the establishment of four key business units:
- Carbon Credit Portfolio Management,
- Environmental Commodity Supply,
- Carbon Project investments, and
- Net Zero Services & ESG
Other net-zero initiatives by EKI Energy include:
- Transitioning to renewables by using solar panels on its corporate office
- Introducing its “Green Initiative” policy across business division to reduce paper waste
- Introducing Cloud-based applications for reduced data/storage emissions
On top of all these, the firm will focus on its new brand-building initiatives. That includes creating awareness about carbon credits.