Emphasising that cooling the plant is of “utmost importance”, industrialist Gautam Adani, on Wednesday, said his Adani Group has committed $70 billion to such efforts with focus on creating one of the world’s most integrated green-energy value chains.
Adani, was conferred with the USIBC 2022 Global Leadership Award for his contributions towards strengthening India-US relations.
Views on climate change
“The first and foremost–not surprisingly–is climate change. There has been a lot of talk about developed nations supporting developing nations but far more needs to be done–urgently–in terms of partnering in this space. Cooling the planet down–equitably–is necessary and can be one of the most profitable businesses over the next several decades,” Adani said.
With the signing of the US climate bill into law, both the nations must find a mechanism to benefit from this massive stimulus. The Governments have done their part, it’s now the job of the businesses to find a way to collaborate, he added.
Green energy value chains
“Adani Group has already committed $70 billion to this effort. This will see us building three giga factories in India leading to one of the world’s most integrated green-energy value chains. This will extend from polysilicon to solar modules, complete manufacturing of Wind Turbines, and the manufacturing of Hydrogen Electrolyzers,” he noted.
As a result, the Group will generate an additional 45 gigawatts (GW) of renewable energy to add to their existing 20 GW capacity, as well as 3 million tonnes of Hydrogen– all of which will be completed before 2030. This value chain will be fully indigenous and aligned with the geopolitical needs of India.
“However, I believe we can further accelerate our goals with support from companies in the US that are willing to work with us. Both of us stand to benefit,” Adani, who is among the richest Asians, said.
India-US partnership
Speaking about India-US partnership, he said, the theme of USIBC summit–Maximizing the next 75 years of US-India prosperity–is impeccable in terms of timing.
A central element of this relationship will need to be the mutual acceptance that free trade, openness, and integration into each other’s economies are needed to set the foundation for the range of possibilities that remain unexploited. Common ground on geopolitical concerns is essential but will mean little unless they are built on the foundation of business relations.
“Let’s look at some macro numbers. If we fast forward to 2050, the combined value of the US and Indian GDP is expected to be a staggering $70 trillion., which will make up 35-40 per cent of the global economy,” Adani noted.
By 2050, the combined population of the two countries will be over 2 billion people and about 20 per cent of the global population. More importantly, the combined median age of our two nations will still be less than 40 years even in 2050. Contrast this with Europe and China, the median age in Europe is already 44, and in China, 40 years.