Chairman of Reliance Industries Limited (RIL), Mukesh Ambani told the media that India could emerge as an energy superpower with clean energy exports reaching $500 billion in the next 20 years.
In the Asia Economic Dialogue 2022, Ambani said that in the last two decades, India has emerged as an IT superpower and targets to become a superpower in energy and life sciences in the next 20 years. Three factors will drive India as an export hub for green energy, proactive, forward-looking policy support and action from the government, and assured financing options. Many Indian companies, including RIL, have announced their plans to boost the renewable energy capacity and produce green hydrogen under $1 per kg in India. RIL plans to invest Rs 75,000 crore in the next three years in green energy initiatives, including the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, shifting its focus from hydrocarbons or fossil fuels to renewable energy. India has a target of installing 450 GW of renewable energy capacity by 2030, out of which RIL plans to install around 100 GW of solar energy from rooftop solar systems and decentralised solar installations in villages. Ambani said that India should map a strategy to cut down the use of fossil fuels like coal and imported oil in the next 20-30 years. He added that India should follow low-carbon and no-carbon strategies in the small and medium-term. RIL is focusing its shift from oil and gas to new energy amid the emergence of a global concurrence for action on climate change. Energy majors, including Royal Dutch Shell, Chevron Corporation and Exxon Mobil Corporation, are rethinking their investment plans in fossil fuels, urged by environmentalist investors. Image Source
