For India’s two richest men, the year 2021 was all about clean energy. At a time when the country was going through an acute coal shortage, Gautam Adani and Mukesh Ambani were chalking out strategies for clean energy, steadily shifting away from their traditional coal and petrochemical businesses. Experts believe their entry will stimulate the sector and encourage others to look at clean energy.

 

“There will be some consolidation but it will encourage the entry of more serious players to offer solutions across the value chain,” said Vibhuti Garg, energy economist at the US-based Institute for Energy Economics and Financial Analysis (IEEFA). “The approach is now to build an entire ecosystem, which brings in the role of different technology solution providers.”

 

Ambani’s green energy bet

 

India has been trying to increase its green energy capacity over the past few years. However, targets were mostly missed due to a lack of economic viability of projects and will among authorities.

 

For India’s two richest men, the year 2021 was all about clean energy.

 

At a time when the country was going through an acute coal shortage, Gautam Adani and Mukesh Ambani were chalking out strategies for clean energy, steadily shifting away from their traditional coal and petrochemical businesses.

 

Experts believe their entry will stimulate the sector and encourage others to look at clean energy.

 

“There will be some consolidation but it will encourage the entry of more serious players to offer solutions across the value chain,” said Vibhuti Garg, energy economist at the US-based Institute for Energy Economics and Financial Analysis (IEEFA). “The approach is now to build an entire ecosystem, which brings in the role of different technology solution providers.”

 

Ambani’s green energy bet

India has been trying to increase its green energy capacity over the past few years. However, targets were mostly missed due to a lack of economic viability of projects and will among authorities.

“We will transform our legacy business into a sustainable, circular and net-zero carbon materials business…(and) help transition India and the world from industrial civilisation to an ecological civilisation,” the 64-year old billionaire said during the company’s annual general meet in June.