More than $80 billion is being invested in green energy by India’s richest man

15th January, 2022.      //   Climate Change  // 

Mukesh Ambani, an Indian billionaire, is a huge believer in green energy.

Reliance Industries, his conglomerate, announced Thursday that it would invest a whopping 6 trillion rupees (about $80.6 billion) in renewable power projects in Gujarat, western India, with the goal of creating a million new employment. According to a stock exchange filing, the majority of the money — $67.7 billion — will go toward a new power plant and hydrogen system. Reliance has already begun hunting for property for the 100-gigawatt capacity site, and aims to make the mammoth investment over a 10-to-15-year period.

A new manufacturing hub will also be built to produce solar panels, fuel cell technology, and other renewable energy sources, according to the business.
The new initiatives, according to Reliance, come “from the vision” of Indian Prime Minister Narendra Modi. Modi’s home state is included in the company’s 1 million job projection, which includes both direct and indirect new possibilities.
In India, renewable energy is gaining traction. In comparison to 2015 to 2020, new installations of such projects were expected to double across the country last year. A vital time has come for the tendency to take hold, according to Coal still accounted for about 70% of the country’s electrical generation as of late last year. With coal stocks at major Indian power plants plunging to critically low levels in October, the world’s second-largest country was put in a precarious position recently as it faced threats of a coal shortage.
Reliance Industries is one of India’s most valuable and well-known corporations. The petrochemicals, telecoms, and retail behemoth has long been attempting to minimize its dependency on oil.
It has also lately undergone a strategic shift as its chairman, Mukesh Ambani, aspires to turn it into a worldwide tech behemoth.Reliance said in a statement Thursday that the remaining cash would be used to invest “in existing projects and new enterprises over the next three to five years.” The company plans to invest $1 billion on a 5G upgrade for its mobile network and $406 million on its retail arm during that time.

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