Gautam Adani, Asia’s richest man, said Wednesday that his port-to-energy group will build three massive plants to manufacture solar modules, wind turbines and hydrogen electrolyzers as part of a $70 billion investment in clean energy by 2030.
The Adani Group is ramping up investments across the green energy value chain as it aims to become the world’s largest producer of renewable energy by 2030.
After receiving USIBC, he said, “The Adani Group has already committed US$70 billion (for climate change and green energy). This will see the construction of three mega plants in India leading to one of the most integrated green energy value chains in the world.” The Global Leadership Award is here.
These giant plants, he said, “will extend from polysilicon to solar modules, complete manufacturing of wind turbines, and manufacture of hydrogen electrolyzers.”
This will generate an additional 45 GW of renewable energy to add to Adani’s existing 20 GW capacity, as well as 3 million tons of hydrogen by 2030, he said.
The announcement comes weeks after billionaire rival Mukesh Ambani announced a massive fifth plant as part of a low-carbon energy investment.
The new Giga power electronics plant will be in addition to four Giga factories announced last year to manufacture integrated photovoltaic solar modules that will produce electricity from sunlight, electrolyzers that produce hydrogen from water and fuel cells and batteries to store energy from the grid as well. 20 gigawatts of solar energy by 2025 to meet captive needs.
Listed the imperatives of engagement between the United States and India, Adani said that the combined value of the two countries’ gross domestic product in 2050 is expected to be $70 trillion or 35-40 percent of the global economy.
By that year, the combined population of the two countries will be more than 2 billion with a median lifespan of less than 40 years compared to the average age already of 44 in Europe and 40 in China.
“When looking through these economic lenses and the primary strength of consumption, it becomes clear that the current $150 billion in bilateral trade between the United States and India is nothing more than a speck in the ocean. There is a lot that needs to be done,” he said.
On the stalled trade deal, he said he believed the two countries would resolve and accept some concessions mutually.
“What we cannot afford is to remain stuck in the belief that all aspects of trade and relations are hampered by tariffs,” he said.
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