Reliance Industries will by 2030 create or enable capacity to generate at least 100 gigawatts of electricity from renewable sources, which can be converted into carbon-free green hydrogen, its chairman Mukesh Ambani said.
He was speaking at the International Climate Summit 2021. Ambani said Reliance will pursue the target of bringing down the cost of making green hydrogen to under $2 per kg initially and ultimately to bring it down to under $1 per kg in a decade.
The focus on generating electricity from renewable sources of energy such as solar and wind -will help cut carbon emissions in the world’s third-largest greenhouse gas emitter. The same electricity, when converted into green hydrogen, can replace petrol and diesel in automobiles and other fuels in the industry, helping cut down on the use of fossil fuels, carbon emissions and reduce import dependence.
With abundant sunlight, India can generate over 1,000 GW of solar energy on just 0.5% of landmass, he said. “Green Hydrogen is the best and cleanest source of energy, which can play a fundamental role in the world’s decarbonisation plans,” he added.
“Although the costs of hydrogen from electrolysis today are high, they are expected to fall significantly in the coming years. New technologies are emerging for hydrogen storage and transportation, which will dramatically reduce the cost of distribution,” he said.
He said efforts are on globally to make green hydrogen most affordable fuel option by bringing down its cost to initially under $2 per kg.
“Let me assure you all that Reliance will aggressively pursue this target and achieve it well before the turn of this decade,” he said. “I am sure that India can set even more aggressive target of achieving under $1 per kg within a decade.”
This, according to him, will make India the first country globally to achieve $1 per 1 kilogram in 1 decade – the 1-1-1 target for green hydrogen.
Calling climate change the most daunting challenge facing human civilisation that can threaten the very existence of life on the planet if uncontrolled, Ambani said the only option is rapid transition to a new era of green, clean and renewable energy.
“Last year, I had announced our ambitious commitment to make Reliance a net carbon zero company by 2035. This year, I presented our strategy and roadmap for the new energy business, which will be the next big ‘value creation engine’ for Reliance and India.
“We have started developing the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar. It will be amongst the largest integrated renewable energy manufacturing facilities in the world. This complex will have four Giga Factories, which cover the entire spectrum of renewable energy,” he said.