To promote green energy solutions in the real estate sector, Tata Power, one of India’s leading integrated power companies, has inked a Memorandum of Understanding (MoU) in Mumbai with JLL India, which is specialised in real estate and investment management.
In addition to generating 6-7% of India’s GDP and acting as the country’s economic engine, the real estate industry is also responsible for 22% of all emissions in the nation.
The World Economic Forum estimates that the real estate sector consumes 40% of all global energy and 40% of all raw materials, totalling a staggering 3 billion tonnes annually. The buildings created in this way are responsible for 20% of all greenhouse gas emissions worldwide.
As part of the partnership, both businesses will work together to assess potential opportunities to expand Tata Power’s Green Energy offerings across the client portfolios of JLL India, which is present in 11 cities.
Along with JLL India, Tata Power will assist in the conversion of the companies’ current locations in the nation into Green Energy power centres.
Under this collaboration, Tata Power will use Open Access Solutions to deliver high-quality, dependable, and reasonably priced renewable energy.
Additionally, all of the properties will be fitted with seamless and user-friendly smart metering and invoicing solutions. These smart metres will include data analytics that track real-time consumption as well as consumption forecasting, assisting users in making the most efficient use of energy.
Tata Power will also install solar rooftops, which will not only contribute to the consumption of clean and sustainable energy, but also reduce energy costs. The business will offer IoT-based, voice- and app-controlled automation-based energy management solutions to support a smart lifestyle.
Moreover, Tata Power will support e-mobility solutions by offering EV chargers that are available around-the-clock and come with installation and yearly maintenance.
It was stated that the Tata Power EZ Charge smartphone application will allow EV users to connect for remote vehicle charging monitoring and e-payment choices.
Dr Praveer Sinha, CEO & MD, Tata Power, stated at the signing event: “We are confident that our expertise as an EaaS (Energy as a Service) provider will help JLL and its discerning customers to adopt a green and sustainable lifestyle.”
Tata Power is working toward being carbon net zero by 2045 as part of its Environmental, Social and Governance (ESG) agenda.
The website clearly states: “At Tata Power, we are committed to tackling the issues of Climate Change by adopting Sustainable and responsible growth. We believe in accelerating the transition to a sustainable future and our #futureready approach has enabled us to carefully strategize our business offerings and empower customers for tomorrow’s world.”
The company hopes to reach a 70% renewable energy portfolio by 2030 and a 100% clean energy portfolio by 2045. It also intends to become completely water neutral and landfill-free by 2030.
Meanwhile, Radha Dhir, CEO and Country Head, JLL India stated at the event: “An ecosystem of partnership and collaboration is crucial to accelerate the race to net zero. With partners like Tata Power and their vision of providing clean, green, and sustainable solutions for all our energy needs, we are certain of driving the sustainability agenda in the real estate ecosystem.”
Dhir also highlighted the fact that the adoption of renewable and green energy is the need of the hour.
However, JLL in its 2021 Global Sustainability report stated that by 2040, the firm’s net-zero ambition seeks to completely eliminate 95% of its carbon impact.
It is on track to achieve its net-zero 2030 objective for occupied office space and its vehicle fleet after cutting Scope 1 and 2 emissions by 17% from its baseline year of 2018 by the end of 2021.
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