By: ICN Bureau
Last updated : October 21, 2021 11:01 am
Adani Group companies will invest over US $50-70 billion in the renewable energy value chain and have committed 70% of planned capex until 2030 to energy transition
Adani will become one of the largest green hydrogen producers in the world and in turn will make India the producer of the world’s cheapest hydrogen, says Gautam Adani, Chairman, Adani Group while speaking at Global Investor Summit hosted by the UK Govt at the Science Museum, London.
Adani said, "Over the next decade, the Adani portfolio companies in the energy and utility business will invest over US $20 billion in renewable energy generation and the overall organic and inorganic investments across the entire green energy value chain will range between US $50 - $70 billion. Over 70% of its planned Capex until 2030 will be in sustainable technologies. This includes investments with potential partners for electrolyzer manufacturing, backward integrations for component manufacturing to secure the supply chain for the solar and wind generation businesses, and AI-based utility and industrial cloud platforms. When combined with India's cost and locational advantages, this will enable Adani to produce the world’s least expensive green electron and be on track to become the world’s largest renewable power portfolio by 2030."
Speaking to business leaders on the sidelines of the UK’s Global Investment Summit, Adani stated that green policies and climate action not based on equitable growth will struggle in the long run.
He also suggested that a collaborative approach was needed wherein developed nations, which have emitted more greenhouse gases over time, shoulder greater responsibility and propose policies and targets that fairly address the needs of the developing world.
“While net zero targets are much needed, a company’s sustainability initiatives must be aligned with the nation’s sustainability goals,” said Adani.
“One must recognize that India has already demonstrated its commitment through the bold stand taken by Prime Minister Narendra Modi since the 2015 COP 21 summit and India has emerged as one of the most responsible major nations in the world when it comes to addressing climate change. However, at the heart of any nation’s sustainability journey lies the principle of equitable growth, and a net zero number unaligned with a nation's development agenda may end up creating greater disequilibrium across the global sustainability initiatives,” added Adani.
Adani said, “Achieving the vision of a greener world will heavily depend on the ability to produce hydrogen, which is both a source of energy and a feedstock for several downstream products that we use in our daily lives. This is what makes the world of energy transition so disruptive with the possibility to create completely new industries. The Adani Group is uniquely positioned across the entire value chain that will be reshaped in the years to come.”
Adani has also signed on as the primary sponsor of the Energy Revolution: The Adani Green Energy Gallery, the Science Museum’s landmark new gallery that examines how the world can undergo the fastest energy transition in history to curb climate change. The gallery will explore the latest climate science and the energy revolution needed to cut global dependence on fossil fuels and achieve the Paris targets to limit global warming to around 1.5 degrees celsius above pre-industrial levels. The announcement was made at the Global Investment Summit hosted at the Museum by Boris Johnson, the Prime Minister of the United Kingdom.