Mukesh Ambani, Asia's richest man, revealed intentions to invest $76 billion in sustainable energy projects, far exceeding the world's largest fossil-fuel billionaire's previous promise of $10 billion.
As Per an exchange report Thursday, Ambani's Reliance Industries Ltd. has inked pacts with the Gujarat state government for a total investment of 5.96 trillion rupees ($81 billion). According to the filing, nearly 5 trillion rupees will be spent over the next 15 years to create 100 gigawatts of renewable energy projects and a green hydrogen network, with 600 billion rupees going to firms that make solar modules, hydrogen electrolyzers, fuel cells, and storage batteries.
The remaining funds will be used to fund new and ongoing initiatives for the retail-to-refining company, including the update of its telecom network
for 5G services and the development of its consumer retail operations. Reliance has already "initiated the process of scouting land" for its renewable energy generating projects, requesting 450,000 acres (182,110 hectares) in the parched Kutch area from the Gujarat government.
Though the agreement is still only a memorandum of understanding, it defines Ambani's green objectives and represents a significant increase from the $10 billion investment over three years he announced in June. Ambani is in the process of transitioning his fossil-fuel-fueled enterprise to one based on renewable energy and digital technologies.
These projects will also help Reliance achieve its goal of being carbon neutral by 2035, which is a lofty goal for a firm that makes 60% of its money from oil refining and petrochemicals.
The news comes after the billionaire Gautam Adani-led conglomerate announced a deal with South Korean steel firm Posco to investigate commercial options in India, including the possibility of establishing a green steel factory in Gujarat with a $5 billion investment. Adani has pledged to invest a total of $70 billion in the green energy value chain by 2030.
If the Narendra Modi-led administration is to meet its goal of making India carbon-free by 2070, both billionaires and their capacity to walk the talk on their green energy pledges are critical.
Reliance and Adani, like their global peers, built their riches on fossil fuels and are now actively increasing their renewable energy footprint in response to rising calls to join the battle against climate change.