(Jan 13): The conglomerate led by Mukesh Ambani, Asia’s richest man, announced plans to invest US$76 billion toward clean energy projects, dwarfing an earlier commitment of US$10 billion by the world’s biggest fossil-fuel billionaire. Though the investment pact is just a memorandum of understanding right now, it outlines the scope of Ambani’s green ambitions and is a big step up from the US$10 billion investment over three years he had announced in June. Ambani is in the midst of transforming his fossil fuel-fed empire and pivoting it toward green energy and digital technology. Adani has committed to invest a total of US$70 billion by 2030 across its green energy value chain. Both the billionaires and their ability to walk the talk on their green energy commitments are crucial if the Narendra Modi-led government has to achieve its target of making the country net carbon zero by 2070.

Source: The Edge Markets January 14, 2022 06:22 UTC