EKI Energy Services Ltd and Shell Overseas Investments BV, a unit of Royal Dutch Shell plc, on Friday signed an agreement to set up a joint venture to work on nature-based solutions in India.
ET on Wednesday was the first to report that Indore-based green consultancy EKI Energy Services will float a joint venture with oil major Royal Dutch Shell to provide nature-based solutions in India.
The joint venture will work on the conservation, enhancement and restoration of natural ecosystems –such as forests, agriculture, grasslands, wetlands and blue carbon –to prevent emissions or lower concentrations of greenhouse gases in the atmosphere while creating lasting benefits for people and nature, the official statement said.
EKI Energy Services Ltd CMD and CEO Manish Dabkara said, “We, at EKI are delighted to collaborate with Shell as we enthusiastically continue our stride towards contributing to India’s mission to achieve net zero. Ushering in a new era for climate change mitigation in the country, the new company will not only further EKI’s current on-ground execution on Nature-based Solutions to a large scale but will also provide a much-needed impetus for climate actions in India.”
“Shell has set a target to become a net-zero emissions energy business by 2050, in step with society. To achieve this, Shell is first and foremost focused on avoiding and reducing emissions and, in addition, we are working with nature to help reduce the overall concentration of greenhouse gas in the atmosphere. Through this joint venture and the collaboration with Enking, we look forward to helping unlock nature’s climate change mitigation potential and bringing lasting environmental and social co-benefits” said Shell General Manager, Asia Pacific, Nature Based Solutions, Kazeem Khan.
The joint venture will be registered with the Registrar of Companies (MP) as a subsidiary of EKI Energy Services Ltd.