India could export $500-bn green energy over 20 years: Mukesh Ambani

Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd. said that technical developments will make India a global new energy leader, exporting half a trillion dollars’ worth of clean energy in two decades, as India makes its energy transition to cleaner fuels. India is now one of the most appealing places in the world for renewable energy investment. However, he also stated that the shift to clean, emission-free energy will take time, and that India's reliance on coal and imported oil will persist for the next two to three decades. The climate problem is an existential crisis, and in the 21st century, energy transformation will decide geopolitical transition. It will help India emerge as a global force when it becomes not just self-sufficient in green and clean energy, but also a significant exporter. This transformation will result in both green jobs and significant foreign exchange savings.

India has announced a new policy to split water using renewable electricity to produce hydrogen, which can be utilised as a fuel in a variety of businesses, including refineries and steel factories, as well as in automobiles. India is one of the first countries in the world to announce hydrogen-powered vehicles. This will be supported by aggressive and forward-thinking legislative support and action on the part of both the federal and state governments, as well as guaranteed funding choices for young entrepreneurs.

India's technology and digital exports have increased from less than US$ 10 billion 20 years ago to US$ 150 billion now. Similarly, India's clean and green energy exports over the next 20 years have the potential to generate half a trillion dollars in revenue. In 2021, India achieved its aim of 40% renewable energy generation, which had been set for 2030. India wants to reach a renewable energy capacity of 500 gigawatts.

India consumes one-third of the world's energy per capita, while a typical Indian's annual carbon emissions are around one-fifth of a Chinese or one-eighth of an American.  India's per capita income is currently around US$ 2,000, compared to US$ 38,000 in Europe. If India continues on the current path, it can attain US$ 10,000 per capita in the next 15-20 years.

By 2030-32, India would have surpassed the European Union as the world's third-largest economy. India's energy output must be increased in order for the country to achieve double-digit GDP growth. It has to be done on a technologically affordable basis. In addition, the percentage of green and clean energy in this increased output must increase.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.