India can emerge as a green energy export hub and superpower, driven by the entrepreneurial spirit, government policies and availability of financing options, Reliance Industries Chairman Mukesh Ambani said on February 23.
Speaking at the ‘Asia Economic Dialogue 2022’, Ambani said that India’s clean and green energy sector has the potential of half a trillion dollars of export in the next 20 years.
“In the last 20 years, we were known for India’s emergence as an IT superpower; the next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences,” Ambani said.
He said that India can emerge as an export hub for green energy, driven by three factors– entrepreneurial spirit, proactive and forward-looking policy support and action from the government, and assured financing options.
“I foresee at least 20-30 new Indian companies in the energy and tech space which will grow as big as Reliance, if not bigger, in the next 10-20 years,” he said.
Ambani also said that energy transition will determine geopolitical transition in the 21st century, as new fuel would replace conventional fuel.
“When India becomes not only self-sufficient in green and clean energy, but also a large exporter, it will help India emerge as a global power,” Ambani said.
He said that energy transition would boost job creation, and lead to foreign exchange savings on energy and electronics import bills.
Last year, RIL announced an ambitious clean energy plan that will entail three parts, that include, Rs 60,000-core investment in four giga-factories to manufacture and fully integrate all critical components for the business; Rs 15,000-crore infusion in the value chain, partnerships, and future technologies.
Ambani said that India needs to address three challenges– the country must increase energy output at an affordable price to drive double-digit GDP growth, it must increase the share of green and clean energy, it must achieve the goal of ‘Self-reliance or Atmanirbhar Bharat’.
Green hydrogen would be a priority, as Ambani said the group aims to offer hydrogen energy at under $1 a kg in a decade.
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