Hong Kong (CNN Business) Indian billionaire Mukesh Ambani is going big on green energy.
His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees (approximately $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs.
The bulk of that money — about $67.7 billion — will go toward a new power plant and hydrogen system, the company said in a stock exchange filing . Reliance plans to make the massive investment over a 10-to-15-year period, and has already begun scouting for land for the 100-gigawatt capacity site.
The company also plans to create a new manufacturing hub that will be dedicated to the production of solar panels, fuel cell technology and other renewable energy sources.
Reliance said the new initiatives stem "from the vision" of Indian Prime Minister Narendra Modi. The company's 1 million jobs projection includes both direct and indirect new opportunities in Modi's home state
Bullboah on January 14th, 2022 at 17:52 UTC »
I see a lot of comments here either saying "Its not a donation" or "his company operates in oil too" as if that makes this news less good - when actually it makes this news MUCH BETTER.
While donations to green energy causes are great - this is what really needs to happen to curb emissions. Companies need to see a financial incentive in investing in green energy.
This has already been happening of course, but an additional 80 billion is not just a drop in the bucket.
(Governments and International Organizations need to continue to change policy frameworks so that investing in green energy IS almost ALWAYS the right move for private firms, but this is what the results of that looks like)
TLDR: No this is not a billionaire saving the world out of the goodness of his heart - its better. Its a sign of exactly what needs to happen (On a much larger, more global scale) happening.
broom-handle on January 14th, 2022 at 17:51 UTC »
I'm going to legally change my name to Green Energy.
bananafor on January 14th, 2022 at 16:05 UTC »
"The bulk of that money — about $67.7 billion — will go toward a new power plant and hydrogen system"