Adani to invest $70 bn in renewable energy, produce the cheapest hydrogen

Billionaire Gautam Adani on Thursday said his logistics-to-energy conglomerate will invest $ 70 billion over the next decade to become the world's largest renewable energy company and produce the cheapest hydrogen on Earth.

Adani Green Energy Ltd (AGEL), the world's largest solar developer, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest $ 20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.

Speaking at the Bloomberg India Economic Forum, the founder and chairman of the Adani Group said the group is working to make renewable energy a viable and affordable alternative to fossil fuels.

"By 2030, we expect to be the largest renewable energy company in the world without any caveat, and we have committed $ 70 billion over the next decade to make this happen. No other company has made so large a bet on developing its sustainability infrastructure,” he said.

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