Adani to invest $100 bn in green energy shift
The conglomerate is expanding its renewable portfolio to 45 gigawatts (which would be able to commercialise 3 million tonnes per annum of green hydrogen) as well as building three giga factories to manufacture solar panels.
Adani
NEW DELHI: Billionaire Gautam Adani’s group will invest $100 bn in green energy transition over the next 10 years across its ports, power and cement operations as it aims to become a net zero emitter by 2050.
The conglomerate is expanding its renewable portfolio to 45 gigawatts (which would be able to commercialise 3 million tonnes per annum of green hydrogen) as well as building three giga factories to manufacture solar panels, wind turbines and hydrogen electrolysers, it said in a statement.
“The portfolio companies will be investing $100 billion over the next decade towards achieving energy transition,” it said, adding 70 per cent of the investments were earmarked for clean energy. The group has set a target to become net zero by 2050 or earlier for five of its portfolio companies - renewable energy firm Adani Green Energy Ltd, power transmission utility Adani Energy Solutions Ltd, ports firm Adani Ports & SEZ Ltd, and cement makers ACC and Ambuja Cements. The portfolio businesses are actively sourcing renewables, electrifying operations and adopting biofuels, and deploying waste heat recovery and energy storage technologies.
The road map to net zero transition will require last mile green hydrogen solutions, Adani Group said, adding its businesses have started pilot projects such as development of hydrogen fuel cell electric trucks as part of the switch.
Detailing the decarbonisation pathway, the apples-to-airport conglomerate said it is looking to cut Scope-1 emissions by electrification of operations where possible, and adopting green hydrogen and its derivatives (green ammonia) for energy storage, heat and mobility where electrification is not possible.
Scope-2 emissions would be cut through sourcing renewable electricity and deployment of waste heat recovery and energy storage technologies such as batteries and hydrogen. It is building giga factories to make 10 GW solar panels, 10 GW of wind turbines and 5 GW hydrogen electrolysers.
Group chairman Gautam Adani had in recent days shared details of the green investments.