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Business News/ Companies / News/  Adani group commits 70% capex until 2030 to energy transition

Adani group commits 70% capex until 2030 to energy transition

Hydrogen, says chairman Gautam Adani, is a game-changer and the group's green energy portfolio will expand to become one of the world's largest green hydrogen producers

Adani group (REUTERS)Premium
Adani group (REUTERS)

New Delhi: Port-to-energy conglomerate Adani Group will invest over USD 50-70 billion in renewable energy value chain over the next decade and the group firms have committed 70 per cent of planned capex until 2030 to the energy transition, its billionaire chairman Gautam Adani said on Tuesday.

Speaking to business leaders on the sidelines of the UK's Global Investment Summit at the London Science Museum, he made a plea for equitable and pragmatic policies in the battle against climate change and recommended setting practical goals and agendas.

Hydrogen, he said, is a game-changer and the group's green energy portfolio will expand to become one of the world's largest green hydrogen producers.

"Green policies and climate action not based on equitable growth will struggle in the long run," he was quoted as saying in a statement issued by Adani Group.

Decision-makers, he said, must consider the voices of the vulnerable when developing climate strategies and mitigation measures.

He also suggested that a collaborative approach was needed wherein developed nations, which have emitted more greenhouse gases over time, shoulder greater responsibility and propose policies and targets that fairly address the needs of the developing world.

"We are putting money where our mouth is," said Adani, "And the portfolio companies of Adani are leading the way with investment plans."

Adani Group's logistics utility APSEZ has committed to the 1.5-degree pathway through SBTi (Science Based Targets initiative) as has AGEL, Adani's renewable energy company.

Adani Transmission has also made the same commitment and the other portfolio companies are working towards committing to the 1.5-degree pathway.

Adani is also incubating the first Indian data center company that will power all its data centers by renewable power by 2030.

Furthermore, AGEL will triple its renewable power generation capacity over the next four years – a scale and speed unmatched by any company in the world. AGEL is also consolidating its position as the world's largest solar power developer, having achieved its initial target of 25GW four years ahead of schedule.

"This transformation has multiple dimensions that will impact not just the world of energy but also the world of chemicals, plastics, mobility, computing, and metals," Adani said.

“Achieving the vision of a greener world will heavily depend on the ability to produce hydrogen, which is both a source of energy and a feedstock for several downstream products that we use in our daily lives."

This is what makes the world of energy transition so disruptive with the possibility to create completely new industries. "The Adani Group is uniquely positioned across the entire value chain that will be reshaped in the years to come," he said.

Adani said over the next decade his group companies in the energy and utility business will invest over USD 20 billion in renewable energy generation.

"The overall organic and inorganic investments across the entire green energy value chain will range between USD 50 billion and USD 70 billion. Over 70 per cent of its planned capex until 2030 will be in sustainable technologies," he said.

This includes investments with potential partners for electrolyzer manufacturing, backward integrations for component manufacturing to secure the supply chain for the solar and wind generation businesses, and AI-based utility and industrial cloud platforms.

"When combined with India's cost and locational advantages, this will enable Adani to produce the world's least expensive green electron and be on track to become the world's largest renewable power portfolio by 2030," he said adding this will lay the foundation for Adani Group to become one of the largest green hydrogen producers in the world. 

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Published: 19 Oct 2021, 06:57 PM IST
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