Mukesh Ambani’s Reliance Industries has announced plans to invest $76 billion in clean energy projects, a dramatic increase from its previous commitment of $10 billion.
The conglomerate led by Mukesh Ambani, Asia’s richest man, has announced plans to invest $76 billion in clean energy projects, eclipsing an earlier $10 billion pledge from the world’s biggest billionaire. fossil fuels in the world.
Ambani-controlled Reliance Industries Ltd. has signed pacts with the Gujarat state government for a total investment of 5.96 trillion rupees ($81 billion), according to an exchange filing on Thursday. Of this amount, around 5 trillion rupees would be used over the next 15 years to build 100 gigawatts of renewable energy projects and a green hydrogen grid, while 600 billion rupees will be earmarked for module manufacturing plants. solar cells, hydrogen electrolysers, fuel cells and storage batteries. deposit said.
The remaining sum is to be spent on the refining distribution group’s new and existing projects, including upgrading its telecommunications network for 5G services and expanding its consumer retail business. Reliance has already “started the land recognition process” for its renewable energy projects and applied to the Gujarat administration for 450,000 acres (182,110 hectares) in the arid region of Kutch.
Although the investment pact is only a memorandum of understanding at this time, it outlines the scope of Ambani’s green ambitions and represents a big step forward from the $10 billion investment over three years that he had announced in June. Ambani is transforming his fossil fuel-powered empire and pivoting it towards green energy and digital technology.
These projects will also reinforce Reliance’s goal of making its operations carbon neutral by 2035 – an ambitious goal for a company that derived 60% of its revenue from oil refining and petrochemicals.
The announcement follows the billionaire-led conglomerate Gautam Adani’s pact with South Korean steel giant Posco to explore business opportunities in India, including the establishment of a green steel plant in Gujarat, with a potential investment of 5 billion of dollars. Adani has pledged to invest a total of $70 billion by 2030 in its green energy value chain.
Billionaires and their ability to deliver on their green energy commitments are crucial if the Narendra Modi-led government is to achieve its goal of making the country net zero carbon by 2070.
Like their global peers, Reliance and Adani Groups, which have made their fortunes from fossil fuels, are now aggressively expanding their clean energy footprints amid growing pressure to join the fight against climate change.