While ecofascists and green vigilantes continue to obstruct growth and prosperity in the garb of environmental conversation, an industrial conglomerate is actually leading the state of Gujarat towards a carbon-neutral future. We are talking about Mukesh Ambani-led Reliance Industries, India’s largest private company.
Reliance Industries invests 5.9 trillion rupees ($80 billion) in green projects in Gujarat
Reliance Industries and the state of Gujarat have reportedly signed a Memorandum of Understanding (MoU) wherein the Mukesh Ambani-led conglomerate would invest $80 billion in green projects in the state.
The investments, if effectuated, would make the state of Gujarat carbon-neutral by 2035.
Reliance Industries to invest in renewable energy power plant and green hydrogen
To make Gujarat net-zero carbon, Reliance has proposed investing five trillion rupees ($67.4 billion) over a period of ten to fifteen years. The industrial conglomerate plans to set up a 100-gigawatt renewable energy plant and promote green hydrogen ecosystem development. Reliance Industries will develop an ecosystem in which small and medium enterprises are encouraged to adopt non-conventional technologies and innovations.
Reliance understands that hydrogen, a fuel produced through the electrolysis of water with the use of renewable power, is really the future of humanity. It is free from emissions as cleaner technologies like solar power or wind power can be used in its production.
This is why PM Modi too wants to make India the biggest exporter of green hydrogen in the years to come, under the National Hydrogen Mission. So, Reliance is investing heavily in its plans to promote the use of green hydrogen in Gujarat.
Reliance to invest in renewable energy manufacturing facilities
Reliance Industries is also going to invest $8.1 billion in setting up new energy manufacturing-integrated renewable manufacturing. This funding will be used for making solar panels, electrolysers and fuel cells. An additional $3.37 billion will be invested by the firm in existing and upcoming projects over the next 3 to 5 years.
The latest announcement made by Reliance Industries is going to give a boost to PM Modi’s green energy plans. As of November, India’s installed renewable energy capacity stood at 150 Gigawatts and it forms 40% of the total installed electricity capacity of 392 Gigawatts. The country has ambitious plans of achieving a target of 500 Gigawatts of installed renewable energy capacity by 2030 and it also plans to go carbon neutral by 2070.
For achieving its aggressive renewable energy installation plans, the government needs support from India Inc. For a company like Reliance Industries Ltd. (RIL), which has made it big in crude oil refinery operations, shifting to renewable energy plans is also a rewarding business move.
The world is shifting to new sources of energy and RIL wants to keep pace with the changing world. This is why it is investing billions in renewable energy sources and is helping Gujarat become a net-zero carbon state, several decades ahead of the national target.