Mukesh Ambani’s Reliance Jio made the Internet accessible to millions of Indians through its cheap data prices. It seems now that the Indian billionaire wants to usher in a similar revolution with green energy.
Speaking at the 6th edition of Asia Economic Dialogue (AED 2022) convened by the Ministry of External Affairs and Pune International Centre, the Chairman and Managing Director of Reliance Industries Limited (RIL) stated that new technologies and innovations are likely to bring down the cost of green hydrogen significantly. “We really believe that in the next one decade, we have to make sure that all these technologies that I mentioned will bring the cost of green hydrogen at a dollar per kilo and make sure that we transport and disburse it also at less than a dollar per kilo thereafter.”
As per European Commission's July 2020 hydrogen strategy, Green hydrogen produced with renewable resources costs anywhere between $3/kg and $6.55/kg whereas fossil-based hydrogen costs about $1.80/kg. In the Indian context, green hydrogen production costs come to Rs.500 per kg.
RIL has been betting on green hydrogen for quite some time and had revealed its ambitious plans regarding clean energy transition. Last year RIL had announced setting up a 5000 acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar and giga factories for electrolyser, fuel cell, integrated solar photovoltaic (PV) module and energy storage.
Talking to the eminent scientist and President, PIC, R. A. Mashelkar at the annual conference virtually, Ambani said the targets are not impossible to achieve.
Appreciative of the government’s policy measures towards making clean energy transition which includes green sovereign bonds, a new hydrogen policy unveiled this week and Green Hydrogen Mission, the businessman said, “India achieved its target of 40 per cent power generation of renewables of the target that was set for 2030, in 2021 itself. And I believe that we will be ahead of this target. India aims to achieve 500 GW of renewable power capacity, which I am sure we will meet. So, right now on the basis of what I see, I am very optimistic.”
The recently launched Green Hydrogen Policy by the Union Government is expected to reduce the cost of manufacturing green hydrogen by 40-50 per cent.
He predicted that India will overtake the European Union as the world's third-largest economy by 2030-2032. India needs to “increase the share of Green and Clean Energy in this enhanced output.”
India’s dependence on coal and imported oil will continue in the next 2-3 decades but we must have a plan to eliminate it, Ambani underlines. “Hence, in the near and medium term, we will have to follow low-carbon, and no-carbon, strategies of development.”
According to him the country has the potential to emerge as a global New Energy leader which can be achieved by the visions of young entrepreneurs. “I foresee at least 20-30 new Indian companies in the energy and tech space which will grow as big as Reliance, if not bigger, in the next 10-20 years.”
Making another significant prediction, the Indian business tycoon said, “India’s Technology and Digital exports have risen to $150 billion from less than $10 billion 20 years ago. By 2030, I believe they will exceed half a trillion dollars. Similarly, India’s Clean and Green Energy exports in the next 20 years at the end of 20 years also has the potential of half a trillion dollars of export.”
At the inaugural session, the business leader harped on the need for an ecological or earth-friendly revolution.
