Reliance Industries has chalked out an ambitious Rs 75,000-crore plan to move towards green energy as its chief Mukesh Ambani announced that the company will join efforts to reduce its carbon footprint to zero by 2035 and bridge the green energy divide. will be involved. In India and globally.” To this end, the company shared a detailed strategy that it aims to achieve and assist in the “New Energy and New Materials business” to achieve the goal of “Green, Clean and Rapid Transition to the New Age”. will launch for renewable energy”. In the process, the Reliance Industries chairman said, the company will “make its new energy business a truly global business”.
identification of the challenge
Addressing shareholders at the virtual AGM on Thursday, Ambani said fossil fuels are nearing the end of the road and that the world has to move from “dialogue to action, from commitment to immediate implementation on the ground” to green energy rapidly and decisively. need to be adopted.
“The era of fossil fuels, which driven economic growth globally for nearly three centuries, cannot continue for long. The huge amount of carbon emitted into the environment has put life on earth at risk,” Ambani said.
Referring to his announcement last year that in 15 years, that is, by 2035, the company will be “net carbon zero”, Ambani said the mission raises three key questions:
“1. How can we increase our energy production while drastically reducing our carbon emission content?
“2. How do we meet India’s growing energy needs through domestic sources of energy and not imports of carbon intensive fuels?
“3. How can we do this in a self-reliant and cost-effective manner that benefits 1.35 billion Indians?”
Stating that “the only answer to these problems lies in sustainable and equitable growth in India and globally”, Ambani said India will have an important role to play in transforming the global energy landscape as the country is “one of the largest energy markets”. ” In this world”.
roadmap preparation
Reminding shareholders of the launch of his Jio cellular and digital services in 2016, Ambani said that the project was aimed at “bridging the digital divide in India”, with the launch of his new energy business in 2021 with the goal of “bridging the green”. is with. Energy divide in India and globally”.
The plan outlined by Ambani lies at the intersection of science and economics and puts the environment at the heart of the proposed efforts. The effort will have integration, efficiency and high performance indicators, he added.
Emphasizing the role of “hyper-integration”, Ambani said scientific know-how will be complemented by continuous technological innovation “to build and operate truly integrated systems that deliver hyper-performance”.
Seeing the opportunities for green initiatives in the current scenario, the chairman of Reliance Industries said that the idea is to “build a model that captures the irreversible upward curve in the demand for green, clean and renewable energy in India and globally; and their production.” a downward curve in costs”.
Toward that end, the company seeks to improve the “efficiency, performance and life-cycle” of assets and operations “to achieve total system optimization and economics.”
course charting
Explaining the three-part plan to shareholders, Ambani announced that the company has started work on the development of the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. The city in Gujarat is where Reliance operates the largest refinery in India and Ambani said the Giga complex will be “one of the largest such integrated renewable energy manufacturing facilities in the world”.
“Jamnagar was the cradle of our old energy business. Jamnagar will also be the cradle of our new energy business.”
Speaking of a total investment of over Rs 60,000 crore over the next 3 years, Ambani said that the first part of the plan is to build “four giga factories” that will “build and completely build all the critical components of the new energy ecosystem”. will integrate”. .
The four component factories will include “an integrated solar photovoltaic module factory” for the production of solar power, while “an advanced energy storage battery factory” will be established for the storage of intermittent energy. An electrolyser factory will come up to produce green hydrogen and, “to convert hydrogen into motive and stationary power”, a fuel cell factory is also in the works.
Ambani said the company is “highly motivated by the target set by our Prime Minister Shri Narendra Modi to achieve 450GW of renewable energy capacity by 2030” and announced that “Reliance will install and enable at least 100GW of solar power”. aim
Importantly, rooftop solar and decentralized solar installations in villages will play a major role in Reliance’s efforts to achieve that goal, Ambani said, the idea being that it will “bring enormous benefits and prosperity to rural India”.
Explaining the second part of the plan, Ambani pointed to an interlocking system of “infrastructure and materials” support for the four gig factories. Announcing an additional Rs 15,000 crore for setting up “value chains, partnerships and technologies of the future”, Ambani said that “the total initial investment from our own internal resources in the new energy business will be Rs 75,000 crore ($75,000 crore) over three years”. 10 billion)”.
In this component of the three-part plan the Jamnagar New Energy Complex will “provide the infrastructure and utilities to manufacture the supporting materials and equipment needed to support the GIGA factories”. Through this, the company seeks to pitch to “independent manufacturers with the right” ability to be part of this nationwide ecosystem”.
The third part of the plan talks about redeploying critical capabilities across businesses and industries that Reliance already has to enhance its green push. Ambani said the company will bring the experience of its “engineering, project management and manufacturing capabilities” to bear the task of executing and delivering “world-class, renewable energy solutions”.
Towards that end, Reliance will “create two additional divisions to further strengthen this ecosystem”, Ambani said. The first among them is a dedicated Renewable Energy Project Management and Construction Division that will “provide gigawatt scale end-to-end solutions for large renewable plants “Saare Jahan Mein”. In addition, this division is also engaged with “thousands of green MSME entrepreneurs”. Partners, who come forward to “deploy kilowatt to megawatt scale solutions in agriculture, industry, housing and transportation”.
The second element is a renewable energy project finance division that will “provide finance solutions to stakeholders in our ecosystem”. Ambani said the company will “achieve (its) goals by enabling a platform to source long-term global capital for these investments on the most attractive terms”. Reliance will “seek support from relationship banks and global green funds for this purpose” while also enabling “financing for the entire ecosystem of small businesses and entrepreneurs who invest with us”.
Stating that these plans are in line with PM Modi’s call for Atmanirbhar Bharat, Ambani said that “these three parts together form our architecture for India’s decentralized green economy”, which is known as “millions of new and high value is designed to generate”. Employment opportunities for our youth” and “Put Gujarat and India on the world solar and hydrogen map”.
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