October 23, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Adani throws $20-billion green energy gauntlet at Ambani

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Adani throws -billion green energy gauntlet at Ambani
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Adani throws -billion green energy gauntlet at Ambani
Adani throws -billion green energy gauntlet at Ambani

NEW DELHI: Gautam Adani, India’s second-richest man who heads the Ahmedabad-based edible-oils, infrastructure and energy conglomerate, on Tuesday, threw a gauntlet at the country’s wealthiest person Mukesh Ambani by announcing a $20-billion renewable energy play with the promise to produce the world’s cheapest “green electron”.
At the current exchange rate, the investment amounts to Rs 1,50,00 crore and will be spent on building capacities for renewable energy generation and component manufacturing as well as transmission and distribution, Adani told the JP Morgan India Investor Summit.
Adani’s outlay is double that of the $10-billion
green energy foray Ambani had recently announced for his Reliance Industries Ltd, with the promise to produce green hydrogen — seen as the fuel of the future — for less than $1 per kg in a decade.
Adani also hinted at getting into the green hydrogen space by saying his group’s “integrated value chain, scale and experience” places it well to become the “producer of the least-expensive green electron anywhere in the world”.
“Today, we are already the world’s largest solar power player when we account for our generating, under-construction and contracted projects. We have done this in just two years and our renewables portfolio has reached our initial target of 25 Gigawatts (GW) a full four years ahead of schedule. This puts us well on track to be the world’s largest renewable power generating company by 2030,” Adani said.
“Our actions clearly indicate that we are putting our money where our mouth is: Over 75% of our planned capex until 2025 will be in green technologies. Today, of our EBITDA from utilities, 43% is already from the green business.”
The group is the country’s largest private producer of power from coal-fired stations as well as renewable sources and aggressively pursuing a transition to cleaner energy. The group plans to triple renewable generation capacity over the next four years, power all data centres with renewable energy and turn its ports into net-zero by 2025.
On climate change, Adani also hit out at the developed economies that are criticising the pace of India’s climate reform and pressuring New Delhi to announce a net-zero goal. “The economic and industrial might of the West sits on a carpet of carbon soot several centuries deep. A hundred years ago, today’s climate reformers were burning over 800 million tonnes of coal – that is more coal than what India produces today. From pre-industrial times until now, India accounts for only 3% of the extra carbon in the atmosphere and will eventually end up consuming less than 8% of the entire remaining carbon budget,” he said.
“India accounts for only 3% of the extra carbon in the atmosphere while supporting 17% of the world’s population in one of the fastest-growing markets in the world. Those criticising our reluctance to directly adopt western advice on climate change must deeply consider the disparity in the situation. It is impractical to suggest alternatives that the developing world does not have, cannot use and cannot afford,” he said.
“In my country, more than a quarter-billion households and millions of small businesses that generate jobs rely on the availability of cheaply produced electricity. To switch off that power source without an economical alternative in place would put hundreds of millions of people on an accelerated path to darkness…” he said.

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