Adani to invest $100 bn in green energy shift – EQ
In Short : The statement suggests that Adani Group plans to invest $100 billion in a shift towards green energy. This signifies a substantial commitment to renewable energy projects and sustainability initiatives. Adani’s significant investment reflects the growing importance of transitioning to clean and sustainable energy sources, aligning with global efforts to combat climate change and achieve a low-carbon future.
In Detail : Five Adani Group companies – Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, ACC and Ambuja Cements – have set a target to become net zero by 2050 or earlier.
Chairman Gautam Adani-led Adani Group will invest $100 billion in green energy transition over a decade. This pledge comes as five Adani portfolio businesses aim to become net zero by 2050 or earlier.
The conglomerate said that it has made significant progress in its decarbonisation pathway and ambition to support the global net zero goals. Five Adani Group companies – Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, ACC and Ambuja Cements – have set a target to become net zero by 2050 or earlier. These companies are actively sourcing renewables, electrifying operations and adopting biofuels, and deploying waste heat recovery and energy storage technologies.
“The roadmap to the net zero transition will require last mile green hydrogen solutions. To make green hydrogen adoption feasible, Adani’s track record in largescale renewables and fully integrated manufacturing with end-to-end EPC capability — all in one single location — uniquely positions it to lower costs. The portfolio companies will be investing USD 100 billion over the next decade towards achieving energy transition,” said the group in a statement.
For a company to be net zero, which is a step ahead of being carbon neutral, it has to reduce its carbon emissions to as close to zero as possible to support the target of limiting global temperature increase 1.5 degrees Celsius.
The Adani portfolio, in an attempt to support decarbonisation, has pledged to plant 100 million trees by 2030.
The conglomerate further stated that Adani Energy Solutions has increased its renewable share in the overall mix to 38.3 per cent – made possible by the collaboration between Adani Energy Solutions and Adani Green Energy. It also received a score of 86 per cent from leading ESG global performance rating agency, CSRHUB.
Meanwhile, Adani Green Energy is the highest-rated utility company in the world, according to Sustainalytics as it achieved zero waste to landfill for all operational sites and turned net water positive at all sites of 200 MW or more. Additionally, Adani Ports & SEZ is also on track to become net zero by 2040.
Adani Enterprises is building three giga-factories with a target to develop 10 GW solar panels, 10 GW wind turbines and 5 GW hydrogen electrolysers as part of its green hydrogen project. The company commenced production of India’s largest wind turbine of 5.3 MW.
