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'India accelerated its renewable energy footprint despite crisis', Gautam Adani tells shareholders

Gautam Adani shareholders' meeting: Adani said his ports-to-energy conglomerate has never slowed or walked away from making investments in India as the group's growth is aligned with the country's growth story.

India TV News Desk Edited By: India TV News Desk Mumbai Updated on: July 26, 2022 11:51 IST
adani, gautam adani, adani group, shareholders meeting
Image Source : ANI 'India accelerated its renewable energy footprint despite crisis', Gautam Adani tells shareholders

Highlights

  • Adani Group Chairman Gautam Adani on Tuesday addressed shareholders today.
  • During the address, he said that India has accelerated its renewable energy footprint.
  • Adani also claimed that India’s renewable energy capacity has increased almost 300% since 2015.

Gautam Adani shareholders' meeting: Adani Group Chairman Gautam Adani on Tuesday addressed shareholders at the Annual General Meeting. During the address, he said that India has accelerated its renewable energy footprint despite the Covid pandemic and the energy crisis and the country has done so at a time when several developed nations have paused their pursuit of renewable energy goals.

"Also, while we have been often lectured on climate change, we have been one of the very few countries that have accelerated its renewable energy footprint," Adani said. India's renewable energy capacity has increased by almost 300 per cent since 2015.

At the COP26 summit at Glasgow in late 2021, Indian Prime Minister Narendra Modi committed to an ambitious five-part "Panchamrit" pledge, including reaching 500GW of non-fossil electricity capacity, to generate half of all energy requirements from renewables, to reduce emissions by 1 billion tons by 2030.

"India’s renewable energy capacity increased almost 300% since '15"

During the address, Adani also claimed that India’s renewable energy capacity has increased almost 300% since 2015. India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. "In fact, the past year saw an astonishing 125 per cent increase in capital investment in renewables compared to 20-21. There is no stopping India now as over 75 percent of the surging incremental demand that India needs is expected to be met through the addition of renewable energy generation." Indian government must be given credit for the way it has played its role and managed the all-around balancing act, he added.

"Also, coming out of the Covid crisis we have become the fastest growing major economy in an environment where several other large economies are confronted with recessionary trends. Given the indications we see from our businesses, I feel confident that India's projected GDP growth number of 8% over this current year is very achievable."

"We have never slowed or walked away from investments in India"

Adani said his ports-to-energy conglomerate has never slowed or walked away from making investments in India as the group's growth is aligned with the country's growth story. He said the group is investing USD 70 billion in a new energy business that will turn India from net importer of oil, to an exporter of green hydrogen. "We have never slowed or walked away from investments in India," he said, adding the group believes its success is based on its alignment with India's growth story.

Adani said the group is now the largest airport operator in the country and has forayed into the cement business with the acquisition of Holcim.

(With agency inputs)

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