Mukesh Ambani announces billion dollar green energy commitments

Mukesh Ambani announces billion dollar green energy commitments
Representative Image/ Pexels

Asia’s richest man Mukesh Ambani has now announced plans to invest $76 billion in clean energy projects. This comes after an earlier commitment of $10 billion by Mr Ambani.

Reliance Industries Ltd. (RIL) has also signed pacts with Gujarat government for a total investment of 5.96 trillion rupees ($81 billion), as per an exchange filing on Thursday.

About 5 trillion rupees would be used over the next 15 years to build 100 gigawatts of renewable power projects and a green hydrogen network.

However, the 600 billion rupees will be invested in factories making solar modules, hydrogen electrolyzers, fuel cells and storage batteries, the filing mentions.

The remaining sum will be utilised in the retail-to-refining group’s new and existing projects.

These will include upgrading its telecom network for 5G services; expansion of its consumer retail businesses.

Reliance has already begun the process of land searching for its renewable energy power projects.

It has also requested the Gujarat administration for 450,000 acres in the arid Kutch region.

Mukesh Ambani Green Energy Commitments

Although the investment pact outlines the scope of Mukesh Ambani’s green ambitions.

Moreover, it is a big step up from $10 billion investment over three years he had earlier announced.

Asia’s richest person Mr Ambani now aims at transforming his fossil fuel-fed empire and directing it towards green energy and digital technology.

These green energy projects will also boost Reliance’s target to make its operations carbon neutral by 2035.

The big announcement follows Gautam Adani-led conglomerate’s pact with South Korean Posco.

It aims to explore business opportunities in India, to set up a green steel mill in Gujarat, with a potential investment of $5 billion.

Adani has also committed to invest a total of $70 billion by 2030 across its green energy value chain.

The commitments will eventually help the country to achieve its target of making India net carbon zero by 2070.

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