The investments will boost the group's vision to have 45 gigawatts of renewable energy capacity by 2030, Adani said in a statement
Adani Group's chairman, Gautam Adani, announced the company's ambitious plan to invest $75 billion in energy transition initiatives by 2030. The substantial investments align with the group's vision to achieve 45 gigawatts of renewable energy capacity by the same year, demonstrating a strong commitment to sustainable practises.
In a statement, Adani emphasised the group's dedication to large-scale renewables, the development of an indigenous, fully integrated manufacturing ecosystem, and the pursuit of green hydrogen solutions. The $75 billion investment, to be channelled through Adani Green Energy Limited (AGEL), is expected to play a pivotal role in India's journey towards decarbonization.
AGEL's notable performance has positioned it as the second-largest global solar PV developer, according to the latest annual report by the US-based Mercom Capital Group. The statement highlighted AGEL's outstanding contribution to the renewable energy landscape, earning it the prestigious second rank among the world's foremost solar PV developers.
Against the backdrop of a 9.5 percent rise in power demand in India during FY 2022–23, the statement underscored the vast potential for renewable energy in the country. Adani Group aims to fully capitalise on this opportunity. The investments are strategically planned to position AGEL at the forefront of India's renewable energy sector.
The company's commitment extends beyond financial objectives, as it aspires to be among the top 10 companies globally in ESG (Environmental, Social, and Governance) benchmarking of the electric utility sector by FY 2024–25. Acknowledgment for leading ESG ratings from esteemed agencies further reinforces Adani Group's dedication to sustainable growth and stakeholder confidence.
AGEL currently boasts an operating renewable portfolio of 8.4 gigawatts, the largest in India, spanning across 12 states. This impressive portfolio has already offset over 41 million tonnes of CO2 emissions cumulatively.
Adani Group's significant investment in energy transition initiatives signals a commitment to driving change and contributing to the global shift towards sustainable and renewable energy sources.