Wednesday 22 February 2023

Indian tycoon to spend $70bn on green energy

Indian tycoon to spend $70bn on green energy

One of the richest men in Asia, Gautam Adani, plans to spend up to $70 billion (£57.8bn) on green energy to become a global renewables player by 2030.

Heading up Adani Green Energy, the Indian tycoon is looking to invest in wind, solar, battery production and green hydrogen.

India has committed to becoming net zero by 2070 but the International Energy Agency has predicted that for this to happen $160 billion (£132bn) will need to be invested each year from today to 2030.

With 1.4 billion people and a population the size of London added to the country every year, changing the backbone of its energy is critical in staying on track for climate goals.

Despite the enormous investment touted by the Adani Group, Ashwini Swain from Delhi-based think tank, the Centre for Policy Research, said: “If we need to meet so much of energy demand, we need many more private players, a few big and many small. We cannot work with half a dozen players and a couple of players who are disproportionately big.”

India is targeting an additional 500GW of clean energy in its generation capacity by 2030 – an ambitious target that will require more private investment in the coming years.

Written by

Bruna Pinhoni

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