The Adani Group’s plan to invest $70 billon in green energy will play a major role in India’s transition to green energy, the conglomerate’s chairperson Gautam Adani said on Tuesday, July 26. The Adani Group now holds a major global renewable energies portfolio, he said in an address to the group’s shareholders on the day.
Addressing the annual general meeting of Adani Enterprises, Gautam Adani said the success of the Adani Group is aligned with India’s growth. “The success of the Adani Group is based on its alignment with the India growth story, and it is my strong conviction that there is no other nation that is as well positioned as India,” he said.
“The best evidence which showcased our confidence and belief in the future – is our investment of $70 billion in facilitating India’s green transition. We are already one of the world’s largest developers of solar power,” Adani said.
The Adani Group’s hold in the renewable energy sector will empower it “enormously in the effort to make green hydrogen the fuel of the future,” he said. “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,” Gautam Adani said. This transformation will help reshape India’s energy footprint in an extraordinary way, he added.
Adani Green Energy, in alignment with its chief’s vision of making green hydrogen the fuel of future, has a plan to target 45 gigawatts of renewable energy capacity by 2030 with an investment of $20 billion and develop a 2 GW per year solar manufacturing capacity by 2022-23. On the other hand, Adani Transmission is also making efforts to hike its share of renewable power procurement.
“India’s renewable energy capacity has increased almost 300 per cent since 2015. In fact, the past year saw an astonishing 125 per cent increase in capital investment in renewables compared to 20-21. There is no stopping India now as over 75 per cent of the surging incremental demand that India needs is expected to be met through the addition of renewable energy generation,” the business mogul, who recently became the forth richest person in the world, said.
The Adani Group has crossed a market cap of $200 billion this year, Gautam Adani said in his address. “Given the indications we see from our businesses, I feel confident that India’s projected GDP growth number of 8 per cent over this current year is very achievable,” he said.
Adani pinned his hope on India’s youth, saying, “I see a real drive in the youth to reclaim our economic stature and gain back our position as a primary force in global affairs. Like I have said in the past – the largest middle class that will ever exist will be Indian – this will be augmented by an increase in the working age and consuming population share that will stay globally unmatched for several decades. All of this will have a significant positive impact on India’s economic growth and be an outcome of our demographic dividend.”
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