India to Export Green Energy worth $500 bn by 2042, says Ambani

‘India is expected to export $500 billion worth of green energy by 2042,’ quoting Mukesh Ambani, chairman of Reliance Industries. Ambani said, "India will emerge as a worldwide new energy leader." The specifics of how this will be accomplished have yet to be revealed.

The South Asian government, on the other hand, is reliant on businessmen like Ambani to help it attain net zero by 2070. Reliance Industries Ltd., Ambani's worldwide conglomerate, aims to invest a total of $76 billion in sustainable energy projects over the next few years.

"India's reliance on coal and imported oil will remain for the next two to three decades," Ambani added, "but we must have a plan to eliminate it." Reliance Industries is revamping one of its units to produce blue hydrogen at a cost of $1.2 to $1.5 per kilogramme as a result.

One of the firms that won the first solar manufacturing tender awarded under the PLI plan was RIL's newly formed arm, Reliance New Energy Solar Ltd (RNESL). 

India is currently a net importer of solar cells and modules, with about 75 percent of the country's capacity based on Chinese imports.

RNESL is acquiring REC Solar Holdings, a Norwegian solar equipment manufacturer, and Faradion, a battery start-up. It has also acquired a 40% share in Sterling & Wilson, a solar EPC firm.

RNESL has announced an investment in NexWafe, a German solar wafer company, as well as a collaboration agreement with Stiesdal A/S, a Danish company, for the technical development and manufacturing of HydroGen Electrolyzers in India.

What is Green Energy?

Green energy refers to any form of energy that is produced from natural resources such as sunshine, wind, or water. Although there are several distinctions between renewable and green energy, it is frequently derived from renewable energy sources. The key to these energy resources is that they do not affect the environment by emitting greenhouse gases into the atmosphere, for example.