by billionaire Gautam Adani, is a major player in the country’s energy industry, with increased focus on the renewable energy sector. The company’s subsidiary, Adani Green Energy Ltd (AGEL), is currently the world’s largest solar power developer, while its portfolio also includes wind and hybrid power.
This week, the company’s announced plans to invest US$70 billion over the next decade, with the aim of becoming the world’s largest renewable energy company and producing the cheapest hydrogen across the globe.
“By 2030, we expect to be the world’s largest renewable energy company without any caveat – and we have committed USD 70 billion over the next decade to make this happen. There is no other company that has yet made so large a bet on developing its sustainability infrastructure,” Adani said during the Bloomberg India Economic Forum on Thursday (11 November), adding that the group is working on making renewable energy a viable and affordable alternative to fossil fuels.
“We, therefore, believe the combination of our renewable capacity and the size of our investment makes us the leader among all global companies in the effort to produce cheap green electricity and green hydrogen,” he added.
Under the new initiative, AGEL aims to expand its renewable energy capacity to 45GW by 2030, and plans to invest US$ 20 billion to develop a solar manufacturing capacity of 2GW per year by the 2022-23 fiscal year. Meanwhile, Adani Transmission Ltd (ATL), which is India’s largest private sector Transmission and Electricity Distribution Company, is seeking to expand its share of renewable power procurement to 30 per cent by the 2022-23 fiscal year and 70 per cent by the end of the decade, from the current share of 3 per cent.
Over the recent years, the renewable energy sector across the world has been experiencing an exponential growth, as the international community accelerates its efforts to tackle the disastrous climate crisis. Since the beginning of last week, global leaders, policy makers, business magnates and climate experts have been holding discussions at the UN climate summit, with the aim of reaching an agreement to limit global warming to 1.5°C, as set out in the Paris agreement.
“Ahead of COP26, the Climate Change Conference in Glasgow, I pointed out that businesses that act on the urgent need to limit incremental global warming will secure the largest opportunities over the next several decades. Balancing growth while limiting emissions is an incredible global opportunity for businesses that are prepared to adapt,” Adani noted.
