One of India’s leading conglomerates, under the leadership of Asia’s wealthiest entrepreneur, is set to invest nearly 80 billion dollars in initiatives for renewable energy.
In a recent statement to the National Stock Exchange of India, Mukesh Ambani’s Reliance Industries signed a memorandum of understanding with the state government of Gujarat concerning the latter’s goal to achieve net-zero carbon emissions by 2035.
Environmental experts and business analysts note that this substantial investment signifies Ambani’s increased interest in renewable power projects. Back in June of last year, the businessman announced his plans to invest $10 billion in sustainable power.
Over the next ten to fifteen years, an initial investment of around $67.4 billion will be used to set up a 100-gigawatt power plant powered by renewable means. A working green hydrogen ecosystem will also be created.
Reliance Industries has also stated plans to develop an eco-friendly entrepreneurial framework to help small and medium enterprises (SMEs) make a transition to renewable energy. It also wants to encourage them to make use of innovative technologies to maximize the use of renewable power and green hydrogen.
An additional $8.1 billion has been allocated towards a new energy manufacturing facility for the production of solar panels, electrolyzers, and fuel cells, while $3.37 billion more will be invested in ongoing eco-initiatives and new projects over the next five years. Reliance executives also announced plans for a 5G upgrade for its cellular telecommunications arm Jio and the expansion of its retail business.
Ambani’s eco-initiatives via Reliance support Indian Prime Minister Narendra Modi’s environmental management plans. Last November, the country’s capacity for installed renewable energy hit 150 gigawatts, covering nearly 40% of Isian’s total installed electric capacity of 392 gigawatts. However, this is still a long way from the country’s target of having 500 gigawatts of installed renewable power capacity by 2030 and its overall net-zero carbon goal by 2070.
To date, Reliance Industries is the largest privately-held company in India, and its revenue hit $73.8 billion at the end of the 2020-2021 fiscal year back in March. Company subsidiaries operate in a wide range of fields, including plastics and petrochemicals, as it operates the world’s largest refinery complex; the facility is located in Gujarat. Other corporate holdings include Jio, the largest mobile telecommunications provider in India, and retail chain giant Reliance Retail.