Gautam Adani AGM: Adani Enterprises to Invest $70 Billion in Clean Energy

Speaking at the group's annual shareholders' meeting, Indian billionaire industrialist & philanthropist Gautam Adani said the group is investing $70 billion in a new energy business, which will turn India from a net importer of oil to an exporter of green hydrogen. He said we have never slowed or walked away from investments in India and now we are spending USD 70 billion in the new energy business.

He mentioned that while we have been lectured on climate change, we have been one of the very few nations that accelerated its renewable energy footprint despite the pandemic & energy crisis. Adani added that we have done so at a time when several developed countries paused their pursuit of renewable energy goals.

He also noted that India's capacity for renewable energy has increased by nearly 300% since 2015. The Adani Group's expertise in renewable energy will greatly assist us in our efforts to make green energy the fuel of the future. He claimed that Adani Group is in the lead in the race to make India less reliant on oil and gas exports and more likely to one day become a net exporter of clean energy.

By the end of 2022–2023, Adani Transmission hopes to expand the share of renewable energy procurement from 3% to 30% and then to 70% by 2029–2030. The Adani Group Chairman added that he had never slowed or walked away from making investments in India, as the group's growth was aligned with that of the country.

He said that India’s renewable energy capacity increased almost 300% since 2015, past year saw 125 percent increase in capital investment in renewables compared to 2020-2021. Over 75% of the surging incremental demand India needs is likely to be met via the addition of renewable energy generation.