Mukesh Ambani: Will invest 75,000 crores in Green Energy, speech at International Climate Summit

RIL CMD Sh Mukesh D Ambani’s speech at the
International Climate Summit 2021
Good morning to all of you.
It is my privilege to deliver the inaugural address at the International
Climate Summit – 2021 before this august audience.
I am delighted to see that this conference is bringing together leading
policymakers, industrialists, investors, and scientists to discuss climate
change and clean energy.
This Summit is taking place against the backdrop of a historic
announcement by our beloved Prime Minister Shri Narendra Modi ji on
August 15.
In his address to the nation on the 75th Independence Day, he launched
the Green Hydrogen Mission for India.
The fact that he chose “Azadi Ka Amrit Mahotsav” to make this
announcement has sent a powerful message to both Indians and the rest
of the world.
In my view, the message is two-fold:
One, India is determined to achieve azadi from dependence on fossil
energy and become atma-nirbhar in New and Renewal Energy.
Two, India will make its fullest contribution to the global effort for achieving
the goals and targets of Climate Action.
Dear Friends,
Climate Change is undoubtedly the most daunting challenge facing
human civilisation today.
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The world is witnessing with alarming frequency the disastrous effects of
global warming.
Glaciers are retreating.
Mean sea level is rising.
Extreme and unpredictable weather changes are becoming regular.
Ecological damage is becoming stark.
Indeed, Climate Change, if uncontrolled, can threaten the very existence
of life on our planet.
Therefore, it is not enough to make our economies carbon neutral.
The world needs to achieve absolute reductions in emissions as soon as
possible.
We have only one option: rapid transition to a new era of green, clean and
renewable energy.
Because Climate Change is a global problem, the clean energy transition
calls for the widest possible global cooperation in technology
development, investments and fair market access.
Ladies and gentlemen,
While this clean energy transition is a global imperative, it is important for
India for another reason.
Most of our present energy demand is met by imported fossil fuels costing
us 160 billion USD every year.
Although India’s per capita energy consumption and emissions are less
than half the global average, we are the world’s third largest emitter of
greenhouse gases.
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India’s energy needs will increase exponentially as our economic growth
accelerates to fulfil the aspirations of 1.38 billion people.
How do we increase our energy production while drastically reducing our
carbon emission content?
Both India and the world are thus facing an unprecedented challenge.
However, every challenge in human history has come with an opportunity
to move to the next level of progress.
Dear Friends,
I am convinced that Climate Change is an opportunity for human
civilisation to renew itself in the 21st century…
An opportunity to create a healthier, happier, more secure and more
resilient future for the human race…
A future in which there will be greater harmony between Man and Mother
Nature.
This opportunity for civilizational renewal will be realised by New and
Renewable Energy.
If Old Energy created the problem of Climate Change, New Energy will
provide a reliable solution to Climate Mitigation.
As a matter of fact, a New GREEN REVOLUTION has already begun in
India.
The Old Green Revolution made India self-reliant in food production.
The New Green Revolution will help make India self-sufficient in energy
production.
It is a matter of great pride for all of us that India has now achieved a major
milestone of 100 gigawatts installed renewable energy.
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India is today among the top three most attractive destinations for
Renewable Energy.
The target of 175 gigawatts of renewable energy capacity by December
2022 is now well within sight.
The entire world will applaud India’s singular achievement under the
leadership of our Honourable Prime Minister.
Dear Friends,
I take this opportunity to share with you my perspectives on how India can
become a global leader in Green Energy Revolution in the years to come.
The Indian subcontinent is truly blessed by Soorya Deva, Vayu Deva and
other gods with abundant renewable energy resources.
Taking advantage of over 300 sunny days in a year, India can easily
generate over 1,000 GW of solar energy on just 0.5% of our land.
Solar is perfectly suited to decentralised energy production, which in turn
can promote decentralised socio-economic development.
By investing in smart, two-way grids, micro-grids, efficient storage
solutions and smart meters, we can enable individuals, communities and
neighbourhoods to become both consumers and producers of energy.
These installations can be located close to demand.
They have low maintenance requirements.
Importantly, they have little environmental impact and entail zero human
displacement problems.
The rapid fall in the cost of production has made solar energy highly
competitive, attracting large-scale investments.
This shall play a key role in ensuring similar growth trends in “Green
Hydrogen” – the future replacement of fossil fuels.
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Green Hydrogen is a zero-carbon energy.
It is the best and cleanest source of energy, which can play a fundamental
role in the world’s decarbonisation plans.
Green hydrogen is key to our ever green, sustainable and prosperous
future of everyone on the planet
Hydrogen has high gravimetric energy density and can be reconverted
into electricity and heat with zero emissions.
Although the costs of hydrogen from electrolysis today are high, they are
expected to fall significantly in the coming years.
New technologies are emerging for hydrogen storage and transportation,
which will dramatically reduce the cost of distribution.
Furthermore, the Government of India is planning to create an enabling
Green Hydrogen eco-system in the country.
Because of all these developments, Green Hydrogen will surely attract
significant investments.
Dear Friends,
Reliance Industries is fully committed to realising the vision of our Hon’ble
Prime Minister to fuel India’s Green Economy using clean energy.
Last year I had announced our ambitious commitment to make Reliance
a net carbon zero company by 2035.
This year, I presented our strategy and roadmap for the New Energy
Business, which will be the next big Value Creation Engine for Reliance
and India.
We have started developing the Dhirubhai Ambani Green Energy Giga
Complex over 5,000 acres in Jamnagar.
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It will be amongst the largest integrated renewable energy manufacturing
facilities in the world.
This complex will have four Giga Factories, which cover the entire
spectrum of renewable energy.
The first will be an integrated solar photovoltaic module factory.
The second will be an advanced energy storage battery factory.
The third will be an electrolyser factory for the production of Green
Hydrogen.
The fourth will be a fuel cell factory for converting hydrogen into motive
and stationary power.
Over the next three years we will invest 75,000 crore rupees in these
initiatives.
Reliance will thus create and offer a fully integrated, end-to-end
renewables energy ecosystem to India and Indians.
Prime Minister Shri Narendra Modi ji has set the goal to reach 450GW of
renewable energy capacity by 2030.
Out of this, Reliance will establish and enable at least 100GW of solar
energy by 2030.
This will create a pan-India network of kilowatt and megawatt scale solar
energy producers who can produce Green Hydrogen for local
consumption.
This will bring enormous benefits and prosperity to rural India.
Efforts are on globally to make Green Hydrogen most affordable fuel
option by bringing down its cost to initially under USD 2 per kg.
Let me assure you all that Reliance will aggressively pursue this target
and achieve it well before the turn of this decade.
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And India has always set and achieved even more audacious goals.
Am sure that India can set even more aggressive target of achieving under
USD 1 per kg within a decade.
This will make India the first country globally to achieve $1 per 1 kilogram
in 1 decade – the 1-1-1 target for Green Hydrogen.
India has achieved several goals that seemed impossible over the years.
I am sure this 1-1-1 target for Green Hydrogen will also be achieved by
our talented young entrepreneurs, researchers and innovators.
Respected Prime Minister Shri Narendra Modi ji,
You are the architect of a New India.
Your vision of New India is propelled by New and Renewable Energy.
It will create millions of new and high-value green jobs for our youth.
It will give a big boost to green enterprises in India, who can proudly
proclaim: “Made in India, by India, for India and for the world!”.
It will transform India from a large Importer of Fossil Energy to a large
Exporter of Clean Energy solutions.
It will also bridge the green energy divide in India and globally.
I am certain that, under your dynamic leadership, India will present to the
world a template of a Green Economy Movement, which will truly be a
People’s Movement.
On behalf of all my colleagues in the Indian industry, on behalf of Reliance
and on my own behalf, I pledge full support and commitment to your vision
and mission.
Thank you