India Likely To Export $500-Billion Green Energy Over 20 Years, Says RIL Chairman Mukesh Ambani

The RIL chairman, in his address at Asia Economic Dialogue, said India will emerge as a global new energy leader

Reliance Industries Chairman Mukesh Ambani said climate crisis is an existential crisis and energy transition will determine geopolitical transition in the 21st century. Image: File photo

New Delhi: Reliance Industries' Chairman Mukesh Ambani on Wednesday said technological advancements will make India a global new energy leader in the coming years.

Ambani, who was speaking at Asia Economic Dialogue, mentioned that India would export half a trillion dollars’ ($500-billion) worth of clean energy in two decades.

The billionaire, who is heading a transition to green hydrogen production at its oil-dominant conglomerate, said India is one of the most attractive destinations for renewable energy investment in the world. However, he said, the transition to clean, emission-free energy cannot happen overnight and India’s dependence on coal and imported oil will continue for the next 2 to 3 decades.

“But, we must have a plan to eliminate that in the next 2-3 decades. Hence, in the near- and medium-term, we will have to follow low-carbon and no-carbon strategies for development. And, technology will help lower the costs of new and clean energy,” he said.

“I foresee 20-30 new Indian firms in the energy and tech space which will grow as big as Reliance, if not bigger, in the next 10-20 years,” he said. “India’s technology and digital exports have risen to $150 billion from less than $10 billion 20 years ago. By 2030, I believe they will exceed half a trillion dollars. Similarly, India's clean and green energy exports in the next 20 years has the potential to reach half a trillion dollars,” Ambani added.

India is amongst the first in the world to announce hydrogen pumps. “While the world is still grappling with this, we have put our vision of exporting green energy out of India on the table,” he said, adding India will not only be self-sufficient in energy but can also export green energy.

This will be aided by proactive and forward-looking policy support and action by both the Centre and states, assured financing options, and young entrepreneurs.

Ambani said the climate crisis is an existential crisis and energy transition will determine geopolitical transition in the 21st century.

Europe overtook India and China to emerge as the world leader when wood was replaced with coal. Similarly, with the emergence of oil, the US and West Asia outgrew others.

In his speech, Ambani mentioned, “When India becomes not only self-sufficient in green and clean energy, but also a large exporter, it will help India emerge as a global power.” This transition will create green jobs as well as result in massive foreign exchange savings, the PTI reported.

As a nation that is more than 85 per cent dependent on coal and oil for its energy needs, India has put its focus on making electricity generated from renewable sources such as solar and wind a bulk of its power usage and replacing polluting fuel with carbon-emission free hydrogen. The country has unveiled a new policy to use renewable electricity to split water to make hydrogen, which can be used as fuel in an array of industries, from refineries to steel plants and can be used as an automotive fuel as well.

While the past two decades saw India’s emergence as an IT superpower; the next 20 years will mark its emergence as a superpower in energy and life sciences, he mentioned. “I have absolutely no doubt that India can, and India will emerge as a global new energy leader,” he said.