Mukesh Ambani invests over $80 billion into green energy

by Megan Richardson

January 21, 2022 C.E.

As the countries of the world aim to combat the climate crisis, India is investing in renewable energy to take a major step in that direction, according to CNN. Mukesh Ambani, chairman for the conglomerate Reliance Industries and India’s richest person, is spending over $80 billion on renewable power projects, which will not only help reduce emissions but generate climate-friendly jobs. 

Reliance Industries historically has been and remains a large carbon-emitting company from their work with oil refining and textiles. With this in mind, they are transitioning to more renewable ways of bringing energy to the public. 

About $67.7 billion of the investment is going towards a new power plant and hydrogen system in the western Indian state of Gujarat. Hydrogen systems are used to store energy more efficiently and sustainably. This new plant and hydrogen storage will create more reliable electricity as energy storage is necessary for continuous access to electricity. The company also plans to create a new manufacturing hub that will produce solar panels.

India had almost 70% of its energy coming from coal by the end of 2021. In October 2021, a coal shortage brought power to critically low levels. This drop in energy placed the country in a vulnerable spot so bringing in a new power plant, hydrogen system, and manufacturing hub that will produce solar panels would give them more security for the future.




Tags


Era: Today (2017 C.E. - 2022 C.E.)
Year: 2022 C.E.
Topic: Clean & renewable energy and Climate crisis
Region: South Asia
Country: India
State/Province:
Actor Type: Business
Institution: Reliance Industries

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