Adani Group Steps Up Investment In Green Energy, Aims To Become Top Renewable Energy Producer by 2030
By 2050, the combined value of the US and Indian GDP is expected to be a staggering $70 trillion and it will make up 35-40 per cent of the global economy, said Gautam Adani, speaking at the India Ideas Summit
Stepping up investments across the green energy value chain, Gautam Adani, chaiperson Adani Group, said they are coming up with three giga factories in India leading to one of the world's most integrated green-energy value chains, as it aims to become the world's top renewable energy producer by 2030.
Adani received the USIBC Global Leadership Award on Wednesday in New Delhi.
"It is an honour to be a recipient of the USIBC Global Leadership Award. I am grateful to have the opportunity to speak in the presence of so many industry leaders and senior government officials," said Adani, while speaking at the India Ideas Summit organized by USIBC in New Delhi.
The successful partnership between the two largest global democracies of India and the United States will be one of the most defining relationships of this century.
"However, while there is strategic alignment, I am sure we would all agree that far more needs to be done in terms of ground execution. A central element of this relationship will need to be the mutual acceptance of free trade, openness and integration into each other's economies. The USIBC will be key in linking the voice of the industry with government policies. Fast forward to 2050, the combined value of the US and Indian GDP is expected to be a staggering $70 trillion. "It will make up 35-40 per cent of the global economy," he added.
With the signing of the US climate bill into law, both nations need to find a mechanism to benefit from this massive stimulus. The Adani Group has already committed $70 billion to this effort.
From polysilicon to solar modules, complete manufacturing of wind turbines and the manufacturing of hydrogen electrolyzers, this is going to cover all.
"As a result, we will generate an additional 45 GW of renewable energy to add to our existing 20 GW capacity, as well as three million tonnes of Hydrogen – all of which will be completed before 2030. This value chain will be fully indigenous and aligned with the geopolitical needs of our nation. However, I believe we can further accelerate our goals with support from companies in the US that are willing to work with us. Both of us stand to benefit!"
The importance of semiconductor are essential to almost all sectors of the economy. The ongoing war has only accelerated this recognition. The semiconductor industry is a classic example with more engineers deployed in India than anywhere else in the world, and yet, India has no semiconductor plant.
"The paradox of capitalism is that India continues to be the best global pool for millions of engineers – especially for US companies – but the primary value addition to the businesses happens outside India. India cannot remain dependent on global supply chains that are based on semiconductor nationalism and will need US support with technology transfer."
Defence and cyber
These are two essential areas where the US and India's partnerships must span technology transfer to be able to build mutual confidence.
"India needs support in both these areas and, at this time, we are just skimming the surface. I would therefore urge the USIBC to facilitate a broader platform that brings together executives from similar industries on both sides on a regular basis. There are a lot of gains to divide with the size of the two economies beginning to converge as we approach 2050," added Adani.