Invest 480 Billion! Petrochemical Giants Plan A Major Transformation

On Thursday, local time, Reliance Industries, controlled by Asia’s richest man Mukesh Ambani, issued an announcement announcing that it had signed an investment agreement with the Gujarat government worth nearly 5.95 trillion Indian rupees (about 81 billion U.S. dollars), of which most Most of the investment will go towards building green energy projects to achieve the petrochemical giant's 2035 vision of carbon neutrality.

According to the announcement, 5 trillion rupees (about 76 billion US dollars, 482.7 billion yuan) will be used to invest in the construction of 100 gigawatts of renewable energy projects and a green hydrogen network, in addition to 600 billion rupees will be used to build production solar energy Plants for panels, hydrogen electrolyzers, fuel cells and energy storage cells with a total investment cycle of 15 years. The remaining investment is mainly used to upgrade retail network services, including upgrading and new 5G communication projects.

According to reports, Reliance Industries has started the process of finding land for new energy projects, and has already proposed a land demand of 450,000 acres to the government.

It is worth mentioning that although this announcement is only a memorandum, it does not mean that every project can be implemented. But compared with Ambani's "three-year $10 billion" green transition investment commitment in June last year, the pace is still a lot bigger. Considering that 60% of Reliance Industries' revenue currently comes from oil refining and chemical businesses, it does require a lot of determination to achieve the company's 2035 operational carbon neutrality goal.

In addition to Ambani, "Asia's second richest man" Gautam Adani also called out the goal of investing US$70 billion in the "green value chain" by 2030 at the end of last year, and has reached an agreement with South Korea's Posco , plans to invest $5 billion to build a "green steel" plant in Gujarat.

According to the Bloomberg Billionaires Real-Time Index, Ambani is currently worth $96.8 billion, ranking 12th in the world, while Adani ranks 14th with $85.6 billion.