India could export $500-bn green energy over 20 years: Mukesh Ambani
As India shapes its energy transition to cleaner fuels, billionaire Mukesh Ambani on Wednesday said technological advancements will make India a global new energy leader, exporting half a trillion dollars worth of clean energy in two decades.
Ambani, who is helming a transition to green hydrogen production at its oil-dominant conglomerate, said India is today one of the most attractive opportunities for renewable energy investment anywhere in the world.
But the transition to clean, emission-free energy cannot happen overnight and India's dependence on coal and imported oil will continue for the next 2 to 3 decades, he said.
"But, we must have a plan to eliminate that in the next 2-3 decades," he said. "Hence, in the near and medium-term, we will have to follow low-carbon, and no-carbon strategies of development."
And technology will help lower the costs of new and clean energy, he said speaking at Asia Economic Dialogue.
Ambani said the climate crisis is an existential crisis and energy transition will determine geopolitical transition in the 21st century.
Europe overtook India and China to emerge as the world leader when wood was replaced with coal. Similarly, with the emergence of oil, the US and West Asia outgrew others.
"When India becomes not only self-sufficient in green and clean energy, but also a large exporter, it will help India emerge as a global power," he said.
This transition will create green jobs as well as result in massive foreign exchange savings.
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