Mukesh Ambani now has ambitious plans for India’s hydrogen future. The billionaire eyes to pivot Reliance Industries Ltd. (RIL) toward green energy as it could transform India into a clean-hydrogen hub.
Mukesh Ambani is Asia’s richest man. Announcing the plans to invest $75 billion in renewables infrastructure including generation plants, solar panels and electrolyzers, Mr Ambani is preparing to capture the entire value chain of green hydrogen economy.
However, there has been growing speculation over the strategy that will see transforming all of that clean power into hydrogen.
Green hydrogen is made from water and clean electricity is clearly seen as crucial for the world’s emissions reduction goals.
PM Narendra Modi last year had announced a plan to make India into a global hub for production and export of the hydrogen fuel.
Moreover, the number of countries with a hydrogen strategy stands at 26. As far as India is concerned, the country is relying on it’s billionaires, including Ambani and his rival Gautam Adani, to lead the way.
Making India A Green Hydrogen Hub
A big challenge will be to produce hydrogen gas at an affordable cost. Since the green hydrogen produced by renewables is far from competitive as compared to other fuels which costs nearly double the price using coal; it remains India’s main source of electricity generation.
Ambani has also vowed to produce green hydrogen at $1 per kilogram. India now plans to unveil its first green hydrogen policy in about 10 days.
Furthermore, RIL is eying to turn net zero by 2035 as it plans to produce 100 gigawatts of renewable energy.
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