The Adani Group will invest $100 billion in green energy transition over 10 years
New Delhi:
The Adani Group today released its half-yearly ESG compendium, showing significant progress in its decarbonisation pathway and its ambition to support the global net-zero journey.
The group, which is at the forefront of India’s green energy transition, has set a target to become net-zero by 2050 or earlier for five of its portfolio companies – Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, ACC, and Ambuja Cements – the conglomerate which is also India’s largest integrated infrastructure developer said in a statement today.
ESG, or environmental, social and governance parameters is used to screen investments based on corporate policies and to encourage companies to act responsibly.
The Adani Group will invest $100 billion in green energy transition over 10 years. The Adani portfolio businesses have active strategy to decarbonise, pledge to plant 100 million trees by 2030, and undertake innovative pilot projects, including development of hydrogen fuel cell electric truck, the company said in the statement.
It is also embarking on developing one of the world’s most ambitious green hydrogen ecosystems supported by a fully integrated value chain on the west coast of Gujarat.
The roadmap to the net-zero transition will need last-mile green hydrogen solutions. To make green hydrogen adoption feasible, Adani’s track record in large-scale renewables and fully integrated manufacturing with end-to-end EPC (engineering, procurement and construction) capabilities – all in a single location – uniquely positions it to lower costs.
Some of the striking advancements made by Adani portfolio companies on the ESG front are:
Adani Energy Solutions
Adani Electricity Mumbai, a subsidiary of Adani Energy Solutions, has increased its renewable energy share in the overall mix to an impressive 38.3 per cent, positioning Mumbai as leading procurer of renewable energy (RE) amongst all megacities. This was made possible by the collaboration between portfolio companies Adani Energy Solutions (which owns the Mumbai distribution business) and Adani Green Energy.
Adani Green Energy
Adani Green Energy is the highest rated utility company in the world as per Sustainalytics. In the first half of the financial year, the renewable power company achieved zero waste to landfill for all operational sites and turned net water positive at all sites of 200 MW or more.
Adani Ports & SEZ
Adani Ports, which owns 15 ports and logistics business, is well on track to turn net-zero by 2040. In the first half of FY24, it achieved a 15 per cent share of renewables in the total energy mix, reduced energy intensity by 46 per cent, energy emission by 48 per cent, and water consumption intensity by 59 per cent.
Adani Enterprises
Adani Enterprises is building three giga-factories with a target to develop 10 GW solar panels, 10 GW wind turbines, and 5 GW hydrogen electrolysers as part of its low-cost integrated green hydrogen project. For solar module manufacturing, the glass factory is completed, with work commencing on the ingot and wafer plant. In October, the company started production of India’s largest wind turbine of 5.2 MW.
ESG Innovations
Proactive experimentation with green hydrogen-based decarbonisation solutions are being conducted in anticipation of wider adoption as costs come down.
To promote reduced emission and sustainable energy, Adani Power partnered with IHI Corporation and Kowa company to explore ammonia co-firing at the Adani Power Mundra plant. The studies aim at initially de-carbonising Adani’s coal-fired plants, but with a larger objective to implement the technology in other coal-fired plants across India.
In another significant move, Adani Enterprises entered into an agreement with Ashok Leyland and Ballard Power to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation, which will be Asia’s first and one of the few companies globally to operate green hydrogen-powered mining trucks. The launch of the FCET in India is scheduled for 2023, marking a significant milestone in advancing a hydrogen economy and positioning India at the forefront of the emerging technology.
To further support decarbonisation, the Adani portfolio has pledged to plant 100 million trees by 2030.
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