On Thursday, Reliance Industries Ltd announced a Rs 75,000 crore investment in new energy business over the next three years, as the operator of the world’s largest oil refinery shifts to a greener and cleaner version. As part of the business, Reliance will construct solar manufacturing units, a battery factory for energy storage, a fuel cell manufacturing plant, and an electrolyzer unit to produce green hydrogen, said Chairman Mukesh Ambani at the company’s annual general meeting with shareholders.
It will also invest in the construction of a carbon fiber plant and build 100 gigatonnes (GW) of solar power generation capacity by 2030. The company, which earns roughly 60% of its revenue from hydrocarbon-fueled energy operations, set a target of becoming a net-zero carbon company by 2035 last year – a shorter time frame than many of its global peers, including BP Plc and Royal Dutch Shell Plc.
This comes as energy behemoths around the world face increasing pressure to transit into a low-carbon future, as a measure towards protecting the environment.
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