Adani to invest $ 70 billion in renewables and produce cheapest hydrogen
Adani Green Energy Ltd (AGEL), the world’s largest solar energy developer, targets 45 gigawatts of renewable energy capacity by 2030 and will invest $ 20 billion to develop solar generating capacity of 2 GW per year d ‘by 2022-2023.
Adani Transmission Ltd (ATL), India’s largest retail electricity transmission and distribution company, seeks to increase the share of renewable energy purchases from 3% currently to 30% by 2023 and to 70% of ‘by 2030.
Speaking at the Bloomberg India Economic Forum, the founding chairman of Adani Group said the group is working to make renewable energy a viable and affordable alternative to fossil fuels.
âBy 2030, we plan to be the largest renewable energy company in the world without any reservations – and we have committed $ 70 billion over the next decade to make it happen. No other company has yet made such an important bet on the development of its sustainable infrastructure, âhe said.
Adani Group is already the world’s largest developer of solar energy.
“We therefore believe that 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,” said he declared without giving details on the hydrogen production plans. .
“From Adani’s point of view, we are very well positioned to produce the cheapest hydrogen in the world, which is expected to be a source of energy and a feedstock for various industries in which we intend to play.” , did he declare.
Stating that green hydrogen, produced from renewable energies, is a miracle fuel and a miracle raw material, he said that India’s exponential growth in renewable energy, producing green hydrogen at lower cost , could transform the country into a net exporter of green energy.
âImagine that – an India no longer having to depend on imported fossil fuels, an India no longer exposed to price fluctuations in international markets, an India becoming energy independent,â he said.
At COP 26 in Glasgow, Prime Minister Narendra Modi announced that 2070 was India’s target year to achieve net zero carbon emissions.
India has also announced a series of other more ambitious climate targets for 2030: increasing the share of renewables in the country’s energy mix to 50%; extending the installed capacity of non-fossil energy from 450 to 500 GW; and reduce the carbon intensity of the economy by 45 percent, compared to the previous target of 33 to 35 percent.
âAhead of COP 26, the climate change conference in Glasgow, I stressed that companies that act on the urgent need to limit incremental global warming will obtain the greatest opportunities in the coming decades. Balancing growth while limiting emissions is an incredible global opportunity for companies that are ready to adapt, âsaid Adani.
In this race to avoid ecological disaster, the world could use Indian leadership. India’s record in meeting its sustainable development commitments is better than that of any other major country, he said.
At COP 21 in Paris, India pledged that by 2030 it would reduce the emissions intensity of its GDP from 33 to 35% and increase its share of non-fossil energy capacity to 40%. âWe beat both goals, the last nine years ahead of schedule,â he said.
Adani said the new targets will not be easy.
âEvery political and business leader will be faced with decisions that will require them to disrupt existing regulations as well as existing business models. Combine that with the disruptions in the digital space that have engulfed all realms, and we have an almost perfect storm.
âThis storm will cause the collapse of many massive multinational companies, only to be replaced by new multi-billion dollar companies resulting from the intersection of sustainability and digital technologies,â he said.
In other words, the future of infrastructure to enable a greener world will require that sustainability and digital innovation be at the heart of design and execution, Adani added.
Adani said that in recent years his group has focused on transforming all businesses, be it electricity, ports and logistics, airports and transportation, and green data centers.
Stating that by 2025, it is estimated that an individual in the developed world will have an interaction with a data center every 20 seconds, he said, as 5G connectivity expands corporate networks and moves the processing data to the edge, there is a need to reinvent data center designs. .
âThe Adani Group is well positioned to capitalize on this trend given our ability to build data centers, connect data centers and deliver 100% green power to data centers – a layout that will be difficult to replicate. on an economic scale elsewhere in the world. the world, âhe said.
To this end, Adani Group is also making major investments in digital infrastructure. Data centers, cloud computing and artificial intelligence dramatically improve access to information, real-time data and energy efficiency.
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