Ambani & Adani in the race to head-on Renewable Energy
Mumbai– Reliance’s Mukesh Ambani and Adani Group’s Gautam Adani are in a race to be world leaders in renewable energy. Adani group is planning to invest US$20 billion in renewable power.
On unveiling his infrastructure green vision, Gautam Adani said his group will invest USD 20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world’s cheapest green electron.
He further added that the port-to-energy conglomerate plans to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centers with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 percent of capital expenditure until 2025 in green technologies.
Though the Indian government has not made an official net-zero target, it is unlikely Ambani and Adani would have taken these steps without government support. And private money from the tycoons may spur India to move faster toward a greener country while also helping fill a mushrooming hunger for electricity as its economy paces at double-digit growth.
Gagan Sidhu, who is the director at Centre for Energy Finance at New Delhi-based thinktank, asserted that the 450 gigawatt renewables target is predicated on a massive increase in power demand in the next 8-10 years. And that growth is going to come from green hydrogen, it’s going to come from electric mobility and distributed generation,” and companies like Adani and Reliance have seen the writing on the wall already.