Narendra Modi’s net zero commitment to the world made at recently held COP26 summit will be propelled towards it’s goal by Adani and Ambani, the twin engine super-industrialists’ plans of heavy investment in green energy sector in next few years. Prime Minister Narendra Modi has put renewable Hydrogen at the forefront of country’s energy independence plans.
Gautam Adani has pledged to become the world’s largest renewable energy company by the end of this decade by heavy investment in the pursuit of world’s cheapest green hydrogen and plans to build gigawatt-scale solar manufacturing capabilities.
Adani Group conglomerate has decided to spend $70 billion to build 45GW renewable energy portfolio by 2030. On the other hand, Adani Green Energy unit of the group is already a contender for world’s largest solar developer, with a 24GW portfolio after $3.5bn deal to buy the assets of Japanese-owned SB Energy.
When the International Energy Agency puts the current cost of green hydrogen at $3-8/kg, compared to $0.50-1.70/kg for unabated grey hydrogen made using fossil fuels, Adani Group believes it to be not too difficult to imagine where green hydrogen at a price of less than $1/kg. Adani Group is banking upon the projected reduction in the cost of hydrogen turbines and fuel cells to allow India to make a transition from fossil fuels and free it from financial burden of energy imports”
It however remains to be seen how the ambitious plan of Adani to be “the world’s largest renewable energy company” will unfold as it’s proposed scale is far behind European group Enel which projects to have 145GW under its wing by 2030. Ambani themselves have a 100GW solar goal upto year 2030 along with Goldman Sachs-backed ReNew Power.
Adani have declared that the combination of their renewable capacity and the size of their investment would make them the leader among all global companies in the effort to produce cheap green electricity and green hydrogen. “We are very strongly positioned to produce the world’s least expensive hydrogen” The Company said.
