Gautam Adani on Tuesday said his group will invest $20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world’s cheapest green electron.
Speaking at JP Morgan India Investor Summit, the Adani Group chairman said the $20 billion investment will be in renewable energy generation, component manufacturing, transmission and distribution.
The compnay plans to triple its renewable power-generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025 and plans to spend over 75 % of capital expenditure until 2025 in green technologies, said Gautam Adani.
Adani Group’s “integrated value chain, our scale and experience puts us on the path to be the producer of the least-expensive green electron anywhere in the world,” he added.
Adani said over the next two decades, India will have the biggest and youngest middle class that has ever existed. Over the next decade, India will be among the world’s top four countries in terms of market capitalisation. “This is leverage from which we must benefit.”
India will be driven by home-grown companies and those international businesses that are truly committed to being and acting local.
“But, as if the pandemic were not enough, yet another challenge looms ahead of us and India will have to play a major balancing role. If the crisis in 2001 was the bursting of the dot-com bubble, and in 2007 the bursting of the housing bubble, and if in 2020, the crisis was the pandemic, we now have to collectively confront and manage the crisis of climate change. Managing the climate crisis will require every country in the world to unite, perhaps like never before, and work together,” he added.
“We will be the first port business that is ahead of its target to get to net zero by 2022. We will be the first Indian data centre company that will power all its data centres with renewable energy by 2030,” Adani said.
The group would also grow by expanding into adjacent sectors and incubate new businesses. It will in each of its businesses, develop deep operational expertise and then grow aggressively, both organically and through acquisitions.