Tata Power and Social Alpha announced that they have joined hands to build a unique innovation curation and venture development program 'Net-Zero Industry Accelerator' focussed on industrial use cases of clean energy transition and industrial decarbonization contributing towards India’s net-zero targets.
The Net-Zero Industry Accelerator will prioritize industries with the highest carbon footprints and will co-create the innovation ecosystem in partnership with some of the leading industry players in India along with technologies that abate and address air pollution from industrial sources and encourage energy decarbonization, carbon capture, and storage.
Effective energy decarbonization includes shifting the energy mix away from fossil fuels and toward non carbon electricity and other energy carriers such as hydrogen; increasing energy efficiency, improving the energy density of storage while reducing cost, and managing demand for energy. 'Net-Zero Industry Accelerator' will identify disruptive, innovative, and impactful technology solutions in sustainable energy and incubate them in the market journey.
In the later stages 'Net-Zero Industry Accelerator' will also focus on investment decision-making and prioritize funding and resources for promising innovations impacting multiple industries, accordint to a press statement.
Commenting on the initiative, Dr. Praveer Sinha, CEO & MD, Tata Power said, "The Net Zero Industry Accelerator is a one-of-a-kind initiative that will assist Indian companies in seizing new opportunities as the world moves toward a greener economy through disruptive climate-tech solutions. It would also enhance India's clean energy ecosystem, generating momentum for the country's transition to a low-carbon economy and making a significant contribution to the COP26 pledge."
'Net-Zero Industry Accelerator' will also create a platform for various industry players to sponsor open innovations challenges for decarbonization and accelerate India’s journey to net-zero by reducing Green House Gas (GHG) emissions significantly. It will encourage innovations that will create new value propositions and business models to replace carbon-intensive ways of doing business and lay the groundwork for the path to net-zero emissions.
Speaking of the collaboration, Manoj Kumar, Founder & CEO, of Social Alpha, said, “To accelerate our journey to Net-Zero, and decarbonize every sector of the economy, we must support breakthrough, scalable innovations while reducing the green premiums simultaneously.”
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