The crisis facing billionaire Gautam Adani has revealed a potential pitfall in India’s ambitious plan to reduce emissions: its reliance on the country’s most affluent and powerful private citizens.
Led by Adani’s $70 billion pledged investment in green energy infrastructure, India’s tycoons have so far committed to spend far more than the government on the energy transition. Reliance Industries Ltd.’s Mukesh Ambani and JSW Group’s Sajjan Jindal, along with energy giants like Tata Group, have also rushed to champion the shift to a cleaner future.
India’s national climate blueprint sets 2070 as a goal for net zero emissions, 10 years after China and two decades behind Europe. India will continue to expand its coal power fleet to alleviate energy shortages, prompting the government last month to defend its use of fossil fuels while in the same breath vowing to remain committed to decarbonization.
Executives have so far been happy to oblige, as the prize is a top-spot in the lucrative industries of tomorrow. Adani and Reliance’s Ambani are vying to become the single biggest investor in India’s green sector, with the billionaires constantly one-upping each other with fresh announcement of giant manufacturing plants and some of the world’s largest projects.
Adani, who made his billions on the back of his coal empire, positioned himself as one of the leading advocate for new and experimental green technology. He is planning enormous solar and wind manufacturing centers across the country, and developing a supply chain for the world’s cheapest green hydrogen aimed at positioning India as an exporter of the clean fuel.
India plans to decrease the share of fossil fuels in the nation’s electricity mix to 50 percent by 2030, down from more than 57 percent today. India still relies heavily on coal for power generation, with demand for the dirtiest fossil fuel expected to inch higher through 2025, and critics say the government needs to do more to limit global warming.
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