Industrialist Mukesh Ambani said today that his Reliance Industries (RIL) would “establish and enable” at least 100 GW of solar power by 2030, more than a fifth of the government’s target of 450 GW of renewable energy capacity.
Addressing the 2021 International Climate Summit, Mr Ambani outlined a roadmap for New Energy business, calling it the “next big value creation engine” for Reliance and India.
Reliance Industries, he said, is fully committed to realizing Prime Minister Narendra Modi’s vision of fueling India’s green economy with clean energy.
The efforts include the Dhirubhai Ambani Green Energy Giga complex, spread over 5,000 hectares in Jamnagar in Gujarat, he said, which aims to be one of the largest integrated renewable energy production facilities in the world.
According to him, the complex would have four Giga plants covering the entire spectrum of renewable energy – an integrated photovoltaic module plant, an advanced energy storage battery plant, an electrolyser plant for the production of green hydrogen and a fuel cell plant for converting hydrogen into motive power and stationary power.
“Over the next three years, we will invest Rs 75,000 crore in these initiatives,” said Mr Ambani, promising to create a fully integrated, end-to-end renewable energy ecosystem for India and Indians. He also said Reliance would “aggressively pursue” its goal of making green hydrogen the most affordable fuel by cutting costs to less than $2 per kg initially.
RIL’s Jamnagar complex is the world’s largest oil refinery, with a capacity to process 1.4 million barrels of petroleum per day. Bloomberg reports that in fiscal 2021, Reliance generated approximately 45 million tons of carbon dioxide emissions from its own operations, much of it Jamnagar, making the company one of the top such emitters in India.
Mr Ambani said it was not enough to make economies carbon neutral. The world must achieve absolute emissions reductions and the only option is a rapid transition to a new era of green, clean and renewable energy, he suggested.
“The Indian subcontinent is truly blessed by Soorya Deva, Vayu Deva and other gods with abundant renewable energy sources. By taking advantage of more than 300 sunny days a year, India can easily generate over 1,000 GW of solar energy on just 0.5 % of our land,” he said, claiming it would bring tremendous benefits and prosperity to rural India.