Reliance Industries, plans to invest $10.1 billion (Rs 75,000 crore) in renewable energy over the next three years in order to become a net carbon zero corporation by 2035. Reliance also intends to build a 5,000-acre complex in Jamnagar, Gujarat, which is currently home to a massive Reliance oil refinery. It is planned to be one of the world’s largest integrated renewable energy manufacturing plants.
The company intends to construct four gigafactories in order to manufacture and integrate all key components of the New Energy ecosystem. The four factories will produce or utilise solar photovoltaic modules for the generation of solar energy, energy storage batteries for the generation of intermittent energy, electrolysers for the generation of green hydrogen, and fuel cells for the generation of mobile and stationary hydrogen.
In addition to these new facilities, Reliance will also construct two new renewable energy divisions to support the ecology of its new company. A separate project management and construction division, as well as a project finance section, are among these. Reliance is also expecting to develop at least 100 GW of solar capacity by 2030. Global policymakers and regulators urge financial institutions to do more to expedite the transition to low-carbon economies and fulfil the United Nations Sustainable Development Goals.
Last year, a group of 30 asset managers with more than $9 trillion in assets under management formed the Net Zero Asset Managers Initiative to assist clients in achieving carbon neutral portfolios by 2050. Reliance’s foray into the Indian renewable energy market would pit it against businesses like Adani Green Energy Ltd and Goldman Sachs-backed ReNew Power.
