The operator of the world’s largest oil refinery, Reliance Industries, India, intends to invest heavily in the transition to green energy. The company’s goal is to achieve carbon neutrality by 2035.
Reliance Industries intends to invest more than $ 10 billion in its “greening” over the next three years. This is followed by large mining companies such as Royal Dutch Shell and British Petroleum, which have announced a plan to achieve carbon neutrality by 2050. The Indian energy giant wants to do it 15 years earlier.
“The world is entering a new era that will be very turbulent. The age of fossil fuels, which has driven global economic growth for nearly three centuries, can no longer continue, “said Meli Chesh Industries, head of Reliance Industries, at a meeting with shareholders on Thursday.
The huge investment will go to the construction of four factories for the production of solar panels, battery storage and hydrogen fuel cells. The group will give more money to create a new division of the renewable energy business and build solar capacity of 100 gigawatts by 2030.