India’s Reliance Industries Limited (RIL) plans to achieve net zero carbon emissions by 2035 through increasing the use of renewable energy and hydrogen, a company executive said during the CERAWeek energy conference on Wednesday. Sanjiv Singh, RIL’s Oil-To-Chemical business president said that the company is aggressively working to use renewable power from the grid. RIL’s giant refineries and manufacturing plants have traditionally used power produced by its own fossil fuel-fired generators.
Singh also said that RIL is working on several options to produce green hydrogen. He said that the company’s sheer size makes the 2035 emission targets challenging to achieve. Nevertheless, it remains committed to achieve the target, including by investing in carbon capture and storage technology. RIL plans to convert the captured carbon into products and chemicals. According to Morgan Stanley, RIL could invest $13 billion-$15 billion in the next ten years to create a portfolio of 3 GW hydrogen fuels, 15 GW battery, and 18 GW renewables.
