adani: Gautam Adani throws Mukesh Ambani. a $ 20 billion green energy glove

NEW DELHI: Gautam Adani, India’s second richest man who heads the Ahmedabad-based edible oil, infrastructure and energy conglomerate, threw gauntlet on Tuesday at Mukesh Ambani, the richest man in the country, by playing a $ 20 billion game with renewable energy announced a promise to produce the cheapest “green electron” in the world.
At the current exchange rate, the investment is 1.50 billion rupees and will be used to build renewable energy generation and component manufacturing capacities as well as transmission and distribution, Adani said at the JP Morgan India Investor Summit .
Adani’s spending is double that of the $ 10 billion
Green Energy Advance Ambani recently announced for its Reliance Industries Ltd. announced that it will produce green hydrogen – viewed as the fuel of the future – for less than US $ 1 per kg in a decade.
Adani also hinted at getting into the green hydrogen space, saying that his group’s “integrated value chain, scope and experience” do well to become the “producer of the world’s cheapest green electron”.
“If we take our generation, construction and contract projects into account, we are already the world’s largest solar power supplier. We achieved this in just two years and our renewable energy portfolio reached our original target of 25 gigawatts (GW) four years ahead of schedule. We are thus well on the way to being the world’s largest company for the generation of renewable energies by 2030, ”said Adani.
“Our measures clearly show that we are putting our money where we stop: Over 75% of our investments planned by 2025 will flow into green technologies. Already today, 43% of our EBITDA comes from utilities in the green business. ”
The group is the largest private producer of electricity from coal-fired and renewable sources in the country and is aggressively seeking a transition to cleaner energy. The group plans to triple renewable generation capacity over the next four years, supply all data centers with renewable energy, and bring their ports to net zero by 2025.
Regarding climate change, Adani also hits the developed economies, criticizing the pace of Indian climate reform and pressuring New Delhi to proclaim a net zero target. “The economic and industrial power of the West sits centuries deep on a carpet of carbon black. A hundred years ago, today’s climate reformers burned over 800 million tons of coal – that’s more coal than India produces today. From pre-industrial times until today, India accounts for only 3% of the extra carbon in the atmosphere and will end up using less than 8% of the total remaining carbon budget, ”he said.
“India accounts for only 3% of the extra carbon in the atmosphere while supplying 17% of the world’s population in one of the world’s fastest growing markets. Those who criticize our reluctance to directly adopt Western advice on climate change need to consider deeply the inequality in the situation. It is impractical to propose alternatives that developing countries do not have, do not use and cannot afford, ”he said.
“In my country, more than a quarter of a billion households and millions of job-creating small businesses rely on the availability of cheap electricity on an accelerated path into the dark …” he said.