Construction Industry News
According to Gautam Adani, chairman of the Adani group, by 2050 India will lead the global energy transition and become a net exporter of green energy.
“Cooling the planet will be one of the most profitable businesses and biggest job creators in the coming decades. I have no doubt that India will lead the global energy transition,” Adani said during a speech at the World Congress of Accountants in Mumbai.
He stated that the Adani Group will invest more than USD 70 billion in green energy over the next ten years, creating the most comprehensive renewable energy value chain in the world.
Adani claimed that there is little doubt that India's energy transition will be exceptional as it tries to meet its energy needs, predicting that by 2050 it will require 400% more units of energy than it currently uses.
India is currently the third largest energy consumer in the world and ranks third in renewable energy attractiveness.
Adani added that the marginal cost of green power is moving towards "zero" given the sharp and sustained decline in the price of renewables, especially solar.
“The ability of this ‘zero’ cost electron to economically split a water molecule and create 100 percent green hydrogen in the future is now certain. The combination of solar and wind energy combined with green hydrogen opens up unprecedented opportunities for India added the chairman of the Adani group.
Adani expressed confidence in India's ability to capitalize on its demographic dividend, which will boost consumption and accelerate the development of a tax-paying society. He stressed that even in 2050 India's median age will be 38 and an unprecedented increase in demand will be driven by the rise in per capita income. As a result, both private and government spending will increase and the amount of foreign direct investment will be the highest.
He stated that India is expected to record a 15% increase and a record high of more than $100 billion in foreign direct investment this year to bolster his argument.
“It took us 58 years to get our first trillion dollars of GDP, 12 years to get the next trillion, and just five years to get the third trillion. Given the pace at which the government has implemented a large number of simultaneous social and economic reforms, I expect India to add a trillion dollars to its GDP every 12 to 18 months within the next decade,” he added.
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