LONDON, OCT 19, 2009: Adani Group Chairman Gautam Adani stated that the policies for managing and overcoming climate change must be fair and practical.
He spoke to business leaders at the London Science Museum’s Global Investment Summit. He noted that climate change and green policies without equitable growth will fail in the long-term.
He said that decision makers must listen to the vulnerable voices when devising climate strategies and mitigation methods. He suggested that developed nations, who have emitted more greenhouse gases in the past, should take on greater responsibility and set targets and policies that are fair to the needs of the developing countries.
Adani stated that net zero targets are important, but that a company’s sustainable initiatives must align with the nation’s sustainability objectives. “One must recognize that India has already shown its commitment to climate change mitigation through the bold stand of Prime Minister Narendra Modi at the 2015 COP-21 summit. India is now one of the most responsible major countries in the world. The principle of equitable growth is at the core of any nation’s sustainability journey. A net zero number that is not aligned with a country’s development agenda could lead to greater disequilibrium in global sustainability initiatives. Adani said, “We are putting our money where it is needed” and that Adani’s portfolio companies are leading the charge with their investment plans to honor the nation’s commitment.
Adani’s logistics company APSEZ, as well as Adani’s renewable energy company AGEL, have committed to the 1.5 degree pathway through SBTi (Science Based Targets Initiative). Adani Transmission also committed to the 1.5 degree pathway. Other portfolio companies are also working towards this commitment. Adani Transmission is also developing the first Indian data center company that will generate all of its power from renewable energy by 2030.
AGEL will also triple its renewable power generation capacity in the next four year. This is a feat of scale and speed that no other company can match. AGEL has also achieved its initial goal of 25GW, four years ahead of schedule. This consolidates its position as the largest solar power developer in the world.
Adani stated that “this transformation has multiple dimensions which will impact not only the world energy but also the worlds of chemicals, plastics and mobility.”
He stated that the Adani portfolio companies will invest more than $20 billion in renewable energy generation over the next ten years. The overall organic and inorganic investments in green energy will be between $50 billion to $70 billion. It will invest in sustainable technologies for 70% of its capex by 2030. This includes potential partners in electrolyzer manufacturing and backward integrations of component manufacturing to ensure the supply chain for solar and wind generation businesses.
This, combined with India’s locational and cost advantages, will allow Adani to produce the lowest-priced green electrons and make it the largest renewable power portfolio in the world by 2030. He stated that this will allow Adani to become the world’s largest producer of green hydrogen and make India the country with the lowest price hydrogen.