Reliance to tap into the 450GW Renewable energy opportunity
India has embarked on an ambitious target of having 450 GW of renewable energy by 2030 which is possible with newer investments and new entrants.
In the AGM in July 2020 the billionaire Mukesh Ambani made a very bold statement to make his behemoth net carbon zero, this ambition is stemming from the need of corporates to be sensitive to the catastrophic climate change and it meant a pivoting the energy business which is currently on hydrocarbons to more futuristic and responsible entities.
The strategy would be not completely abandoning the crude oil business but using innovation to recycle CO2 and have additional investments in the renewable energy space.
“Achieving a cleaner planet can be done by making CO2 as a recyclable resource, rather than treating it as an emitted waste. We have already made substantial progress on photosynthetic biological pathways to convert our CO2 emissions at Jamnagar into high-value proteins, nutraceuticals, advanced materials, and fuels,” Mukesh Ambani said.
As the leading economies transition to electric vehicles, the demand for crude is going to steeply fall as we have seen this year when the prices crashed to negative levels.
Electricity generation will become cleaner and reliance is spotted this multibillion-dollar opportunity by killing two birds in one stone. Recalibrate the business model and be capitalize on the future of energy.
Reliance is going to uncover a detailed road-map for the renewable play in October 2020, but the intent of the behemoth is clear to disrupt and scale the clean energy space, we can expect a similar Jio platform playbook for the renewable energy space.
Ambani said there is an opportunity to make clean and green energy abundantly available at an affordable price to every Indian, enterprise and utility.
This entry of reliance on the green energy bandwagon is all the impetus the industry needs which has struggled in the last decade due to fewer investments and partly poor policy.
Self-sufficiency in energy powered by transitioning to Electric vehicles and Renewable energy can boost the economy by cutting trade deficits and making India the global powerhouse in clean energy space.
The next decade seems to be glorious one for RE sector, we have just witnessed the walking the sprint is about to begin.