Reliance Industries Limited (RIL) and DBS Bank India have collaborated to establish a financing programme customised to the requirements of the compressed biogas project initiated by RIL.

The financing will enable the ecosystem development for vendor partners to aggregate agri-residue as inputs for the Reliance compressed biogas production plants across India, the companies said in a press release.

Rajat Verma, Managing Director and Head of Institutional Banking, DBS Bank India, said, “India's green energy sector, which includes solar and wind, as well as emerging areas like biogas, will be one of the key pillars of the country’s net-zero strategy. Bold initiatives like the Compressed Biogas plants, spearheaded by Reliance Industries, are an important step forward to reduce dependance on fossil fuels. Transition financing plays a crucial role in enabling businesses to identify and scale new technologies that can accelerate the path to decarbonisation. DBS Bank India is proud to partner with Reliance Industries to empower the journey to a sustainable future through innovative, responsible banking solutions.”

Harindra K Tripathi, Head Bio-energy Business, Reliance Industries Limited said, “Compressed Biogas plants are one of the key ways to utilise the massive organic waste that our society produces, the burning of which is one of the major contributors to air pollution. In addition to the mitigating effect on carbon emissions, the Reliance CBG plants will also contribute towards the production of Fermented Organic Manure (FOM) which will enhance soil fertility and reduce consumption of chemical fertilizers over a period.”

Soumyo Dutta, Head of Treasury, Reliance Industries Limited said, “As a company, Reliance Industries has accelerated plans to deploy bioenergy projects and we are proud to have DBS Bank India partner with us in our larger goal of sustainable development and in the clean energy transition of our nation.”