RENEWABLE ENERGY

Bigwigs of India’s fossil-fuel industry could drive the country’s green energy sector

The key players of India’s fossil-fuel industry – from the government and private sector – are turning over a ‘green’ leaf. Many of them have announced massive-scale participation in India’s plans to transition to clean energy. The announcements have generated a huge buzz, as the big players bring economies of scale to the sector, but they have also sparked fears of consolidation in the green energy market.

In June, Mukesh Ambani, the chairman of Reliance Industries Limited (RIL) while speaking at the company’s 44th annual general meeting, announced a new green energy business, stating that the age of fossil fuels cannot continue much longer. He advocated for a “rapid transition to a new era of green, clean and renewable energy”.

Ambani, whose energy business till now has revolved around oil and gas, announced a massive Rs. 750 billion (Rs. 75,000 crore) investment in the clean energy sector over the next three years to ride the energy transition wave. He also announced the setting up of 100 GW of solar power generating capacity by 2030.

In May 2021, India’s other major energy player, Adani Green Energy of the Adani Group, announced a buyout of SoftBank Group’s renewable energy power business, which has almost 5 GW of solar and wind power assets.

Source
moneycontrol
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