Adani Group chairman Gautam Adani met United Kingdom Prime Minister Boris Johnson on Tuesday, October 19, at the Global Investment Summit and announced that his group will commit USD 70 billion to energy transition via solar and others.
Expressing his gratitude after meeting Johnson, Adani said: "Honoured to meet UK PM Boris Johnson at the Global Investment Summit." Adani made a plea for equitable and pragmatic policies in the battle against climate change and recommended setting practical goals and agendas, reported Economic Times.
Vouching for green hydrogen, he said it is a game-changer and the group's green energy portfolio will expand to become one of the world's largest green hydrogen producers. Calling the leadership inspiring in synchronising global climate action, he said that Adani Group will commit $70 bn to energy transition via solar, wind and H20.
$20 Billion Investment In Renewable Energy Generation
The businessman said decision-makers must consider the voices of the vulnerable when coming up with climate strategies and mitigation measures. He added that over the next decade his group companies in the energy and utility business will invest over $20 billion in renewable energy generation.
"The overall organic and inorganic investments across the entire green energy value chain will range between USD 50 billion and USD 70 billion. Over 70 per cent of its planned Capex until 2030 will be in sustainable technologies," he said.
Actions Speak Louder Than Words?
The Adani conglomerate has interests in mining, gas, power operations and airports and is responsible for some highly contested coal mining projects. The Carmichael coal mine in Australia has sparked protests around the world. In fact, in July Adani admitted it breached environmental conditions for the Carmichael coalmine again – clearing an area surrounded by potential koala habitat without a promised wildlife safeguard.
However, that is not all. The group wants to build a US$4bn plant in India that would use coal from this mine to make plastic. Adani Enterprises said in submissions to Indian authorities the plant will use 3.1m tonnes of coal a year at the plant to make PVC.
Coal is the most polluting source of power, responsible for about 45 per cent of energy-related carbon dioxide emissions.