- The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer, said RIL’s Chairman Mukesh Ambani
- Reliance plans to invest Rs 600 billion on building four ‘giga factories’ in Jamnagar to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen
New Delhi: Reliance Industries Ltd (RIL) will invest US$ 10.1 billion in clean energy over the next three years in order to become a net zero company by 2035. “The world is entering a new energy era, which is going to be highly disruptive. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer,” said RIL’s Chairman Mukesh Ambani at a shareholder meeting on Thursday. The news follows similar announcements made by global oil majors like Royal Dutch Shell and BP that have set a target for net zero carbon emission by 2050 in the wake of mounting pressure from activists and environmental groups.
Reliance to invest Rs 600 bn to build 4 giga factories at Jamnagar
Ambani said that the oil-to-telecom conglomerate plans to invest Rs 600 billion on building four ‘giga factories’ in Jamnagar to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen. The conglomerate will also invest Rs 150 billion in value chain and other partnerships relating to its new renewable energy business. Ambani said that a transformation of legacy business into sustainable and net zero carbon business would provide growing returns over several decades.
Reliance to build solar capacity of at least 100 GW by 2030
Ambani said that Reliance will also build solar capacity of at least 100 GW by 2030, which would be around a fifth of India’s target of installing 450 GW of renewable energy (RE) by the end of the decade. “A significant part of this will come from rooftop solar and decentralised solar installations in villages,” Ambani said and added that his group would seek green funding and approach banks to meet its goal. “We will achieve our goals by enabling a platform to source long-term global capital for these investments at the most attractive terms,” he said.
Reliance to formalise partnership with Saudi Aramco this year
Commenting on the RIL-Saudi Aramco deal, Ambani said that he hoped to formalise the company’s partnership with Saudi Aramco this year for the sale of 20 percent stake in its oil-to-chemical (O2C) business. He also announced the induction of Aramco’s Chairman Yasir Al-Rumayyan as an independent director on Reliance’s board. “His joining our Board is also the beginning of internationalisation of Reliance. You will hear more about our international plans in the times to come,” he said.
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