Reliance Industries Ltd chairman Mukesh Ambani on Wednesday said technological advancements will make India a global new energy leader, exporting half a trillion dollars worth of clean energy in two decades.
Speaking at the Asia Economic Dialogue, Ambani said, India should have a strategy to end dependence on fossil fuels in the next two to three decades.
“But, we must have a plan to eliminate that in the next 2-3 decades,” he said. “Hence, in the near and medium-term, we will have to follow low-carbon, and no-carbon strategies of development.”
Ambani, who is helming a transition to green hydrogen production at its oil-dominant conglomerate, said India is today one of the most attractive opportunities for renewable energy investment anywhere in the world.
But 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, he said.
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.
“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,” he said.
This transition will create green jobs as well as result in massive foreign exchange savings.
India is one of the most attractive destinations for renewable energy investments, Ambani said, adding that he believes the union government is extremely committed to promote green energy and is one of the most proactive in world.
Ambani has already announced plans last month to invest $75 billion in renewables infrastructure including generation plants, solar panels and electrolyzers.
“If the last 20 years, we were known for India’s emergence as an IT superpower, next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences,” the oil-to-telecom conglomerate’s chief said.