Asia’s Richest Man Plans to Invest $76 Billion in Green Projects
- Reliance to build 100 gigawatts of renewable energy projects
- Mukesh Ambani’s group aims to be net carbon zero by 2035
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The conglomerate led by Mukesh Ambani, Asia’s richest man, announced plans to invest $76 billion toward clean energy projects, dwarfing an earlier commitment of $10 billion by the world’s biggest fossil-fuel billionaire.
Reliance Industries Ltd., controlled by Ambani, has signed pacts with the state government of Gujarat for a total investment of 5.96 trillion rupees ($81 billion), according to an exchange filing Thursday. Of this, about 5 trillion rupees would be used over the next 15 years to build 100 gigawatts of renewable power projects and a green hydrogen network while 600 billion rupees will be for factories making solar modules, hydrogen electrolyzers, fuel cells and storage batteries, the filing said.