Mukesh Ambani’s Reliance Industries Ltd. plans to invest $75 Billion in renewable energy is by far the biggest in India. The investment will be made on renewable energy infrastructure including generation plants, solar panels, and electrolyzers.
Billionaire Mukesh Ambani made this announcement earlier this month. This strategy will transform all the clean power into hydrogen. As hydrogen is the fuel of the future.
Reliance ids opting for Hydrogen against India’s wholesale electricity market, which is degraded by financially low utilities and by delayed payments.
“Reliance Industries is preparing itself to capture the entire value chain of the green hydrogen economy in India,” said Gagan Sidhu, director at the Centre for Energy Finance at New Delhi-based think tank CEEW, reports say.
In 2021, Prime Minister Narendra Modi announced to make India, the third biggest emitter of greenhouse gases in the world and also a major energy importer for becoming a hub for production and export of the fuel.
Green Hydrogen is critical for sustainable energy and net-zero emissions economies as it is a clean energy solution. Green Hydrogen is produced by splitting water into hydrogen and oxygen using renewable sources.
There are many countries working on hydrogen strategy, where the U.S.A, India, China are expected to reshape the global market, according to analysis.
Other major companies of India like Adani Enterprises Ltd., NTPC Ltd.(National Thermal Power Corporation Limited), and IOC(Indian Oil Corp.) are also working on the same strategy for Green Hydrogen.
