India’s private sector Reliance Industries (RIL) on Tuesday said it would invest $10.1 billion in clean energy over the next three years as part of its efforts to cut carbon emissions to net-zero by 2035. RIL’s green energy push is similar to those of Royal Dutch Shell, BP, and other global energy giants, which aim to become a carbon-neutral company by 2050. Chairman Mukesh Ambani said the world is entering a new energy era and the age of fossil fuels could not continue much longer.
RIL will spend INR600 billion ($8 billion) to construct four “giga factories” at Jamnagar to produce green hydrogen, energy storage batteries, fuel cells, and solar cells, Ambani said. The company will invest INR150 billion ($2 billion) in the value chain and other partnerships related to its newly-established renewable energy business. RIL will also add at least 100 GW of solar capacity by 2030. It will also construct an integrated solar photovoltaic factory to produce low-cost solar cells and modules, reducing India’s dependence on Chinese solar cells and modules.
