Green energy: Indian exports may soar to $500 bn in 20 years, says Ambani
Virendra Pandit
New Delhi: Reliance Industries Ltd Chairman Mukesh Ambani said on Wednesday India could emerge as a global green energy superpower with exports of clean energy rising to USD 500 billion over the next 20 years.
“If the last 20 years, we were known for India’s emergence as an IT superpower, next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences,” Ambani, one of Asia’s richest men, said at the Asia Economic Dialogue (AED).
“For the next two to three decades, India’s dependence on coal and imported oil will continue. But, we must have a plan to eliminate that in the next two to three decades.”
He said India would have to follow “low-carbon and no-carbon strategies” in the near and medium-term.
“We have to make sure (we)… bring the cost of green hydrogen at a dollar per kilo and that we transport and disburse it also at less than a dollar per kilo,” Ambani said.
“I think we will be able to do all this plus or minus 20%,” he said.
In recent years, several Indian companies, including Reliance Industries, have announced plans to invest billions of dollars to boost the South Asian country’s renewable energy capacity, including building battery storage, fuel cells and producing green hydrogen at less than USD 1 per kilogram.
At present, India is the world’s third-largest oil importer and consumer, and its power sector is heavily reliant on coal.
Ambani said India should have a sound strategy to end dependence on fossil fuels in the next two to three decades.
Prime Minister Narendra Modi has set a target to make India a net-zero carbon emitter by 2070. The nation plans to install 450 gigawatts (GW) of renewable energy by 2030, from about 105 GW currently, and has recently announced a plan to produce 5 million tonnes of green hydrogen per year by 2030.
