Reliance planning largest green energy project in Australia

Overview

Reliance Industries, an Indian company, is thinking of constructing a green energy facility in Australia. Reliance has also engaged 2500 scientists, engineers, and experts to support a low-carbon economy.

Reliance Industries, an Indian company, is thinking about constructing a green energy facility in Australia. The effort to produce hydrogen, according to AFR, may lead to stronger commercial connections between the two nations. Reliance also intends to develop a solar farm in Australia to manufacture carbon-free hydrogen for export using its experience in the production of solar panels. A spokeswoman for Reliance would not, however, confirm the proposal to AFR.

Reliance reached an agreement with the Gujarat state government earlier this year to invest US$80 billion in environmentally friendly projects, according to a corporate release to the National Stock Exchange of India. Representatives from Reliance visited Australia in May 2022 to look into the possibilities and processing costs of creating fuel without any carbon emissions. Reliance has also engaged 2500 scientists, engineers, and experts to support a low-carbon economy. India, the third-largest emitter of greenhouse emissions in the world, is attempting to decarbonise its economy and cut back on fossil fuel imports.

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India had installed 150 GW of renewable energy capacity as of November 2021, which is close to 40% of the country’s 392 GW total installed electrical capacity. By 2030, the nation wants to have 500 GW of built renewable energy capacity, and by 2070, it wants to have zero net carbon emissions. According to analysts, India may require AUD14.8 trillion in investments to achieve its net zero objective by 2070. Ambani has promised to generate green hydrogen at a cost of $1 per kilogram, a decrease of more than 60% from current prices. Ambani stated last year that “Reliance will actively pursue this aim and achieve it well before the turn of this decade.”