Adani Groups $70-billion push may help India become net exporter of clean energy: Gautam Adani

Billionaire Gautam Adani has said that his groups plan to invest $ 70 billion in clean energy will act as a facilitator for Indias green energy transition.

We are leading the race to turn India from a country over-reliant on import of oil and gas to a country that might one day become a net exporter of clean energy, Adani said at the Annual General Meeting (AGM) of Adani Enterprises on July 26.

He said that his group was working towards making green hydrogen the fuel for future. The investment includes Adani Green Energy, the worlds largest solar power developer, plan to target 45 gigawatts of renewable energy capacity by 2030 for an investment of $20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.

Green hydrogen refers to the hydrogen generated from the electrolysis of water, with the entire process run on renewable energy. In the industry, the colour is assigned based on the source of electricity used to generate the hydrogen molecule. Brown hydrogen is for coal, grey for natural gas and blue if it is produced from natural gas with a process of steam methane reforming.

Adani Transmission is also looking to increase the share of renewable power procurement from 3 percent to 30 percent by the end of 2022-23 and to 70 percent by 2029-30.

The Adani Group Chairman added that he had never slowed or walked away from making investments in India, as the groups growth was aligned with that of the country.

Given the indications we see from our businesses, I feel confident that Indias projected GDP growth of 8 percent over this current year is very achievable, Adani said.

The Adani family would donate Rs 60,000 crore towards charity to mark his 60th birthday and to commemorate his fathers, Shantilal Adani, 100th birth anniversary.

In addition to being the 100th birth anniversary of my inspiring father, this year also happens to be the year of my 60th birthday and therefore the family decided to contribute ?60,000 crore towards charitable activities related to healthcare, education, and skill development, especially in the rural regions..., Adani, who turned 60 on June 24, said during the AGM.