Reliance Industries of Mukesh Ambani said it plans to invest $76 billion in clean energy projects, a significant 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, overtaking a previous $10 billion commitment by the world’s largest fossil fuel billionaire.
Reliance Industries Limited, which is controlled by Ambani, has signed agreements with the Gujarat government for a total investment of 5.96 trillion rupees ($81 billion), according to a stock exchange filing on Thursday. Of this amount, about 5 trillion rupees will 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 used for factories making solar modules, hydrogen electrolyzers, fuel cells and storage batteries, he said. Deposit.
The remainder will be spent on the retail group’s new and existing projects to refining, including upgrading its telecom network for 5G services and expanding its consumer retail business. Reliance has already started the “Earth Exploration Process” for its renewable energy projects and has asked the Gujarat State Department to allocate 450,000 acres (182,110 hectares) in the arid Kutch region.
Although the investment agreement is only a memorandum of understanding for now, it outlines the scope of Ambani’s green ambitions and is a major step up from the $10 billion investment over three years he announced in June. Ambani is in the midst of transforming his fossil-fuel-powered empire toward green energy and digital technology.
These projects will also advance Reliance’s goal of making its operations carbon neutral by 2035 – an ambitious goal for a company that derives 60% of its revenue from oil refining and petrochemicals.
The announcement follows billionaire Gautam Adani’s conglomerate agreement with South Korean steel giant POSCO to explore business opportunities in India, including setting up a green steel plant in Gujarat, with a potential investment of $5 billion. Adani has committed a total investment of $70 billion by 2030 across the green energy value chain.
Both billionaires and their ability to get the word out about their green energy commitments is critical if the Narendra Modi-led government is to achieve its goal of making the country carbon-neutral by 2070.
Like their global peers, groups Reliance and Adani, who have built their fortunes on fossil fuels, are now aggressively expanding their clean energy footprint amid growing pressure to join the fight against climate change.