EnergyWatch

Asia’s richest man plans USD 10bn push into green energy

Indian tycoon Mukesh Ambani unveils an ambitious push into clean energy involving INR 750bn (USD 10.1bn) of investment over three years, marking a new pivot for one of the world’s biggest fossil-fuel billionaires.

Photo: Amit Dave/Reuters/Ritzau Scanpix

Reliance Industries Ltd., which gets 60 percent of its revenue from oil refining and petrochemicals, plans to spend 600bn rupees on four “giga factories” to make solar modules, hydrogen, fuel cells and to build a battery grid to store electricity. An additional INR 150bn will be invested in value chain and other partnerships, Asia’s richest man told shareholders on Thursday.

The move toward green by the Mumbai-based giant, which reported an annual revenue of USD $63 billion, offers a glimpse of the new order awaiting some of the world’s major fossil-fuel producers. Global giants such as Exxon Mobil Corp. and TotalEnergies SE have been under pressure to pare their carbon footprint, as governments, investors and consumers join to fight climate change and global warming.

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