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The vast conglomerate helmed by Asiau2019s second-richest person, Mr. Adani, wants to spend $100 billion in its green energy transition over the next decade, despite facing challenges such as Adani investigation
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To accelerate its net zero targets, billionaire Gautam Adani’s Ambuja Cements Ltd. will spend 60 billion rupees ($723 million) to create 1,000 megawatts of renewable power projects. The Mumbai-based cement company, which the Adani Group purchased from Holcim Ltd. last year, said in an exchange statement that internal accruals would support this expenditure. It said Ambuja wants to use 60% of its 140 million ton projected capacity a year from green energy, up from 19%.
The vast conglomerate helmed by Asia’s second-richest person, Mr. Adani, wants to spend $100 billion in its green energy transition over the next decade, despite facing challenges such as Adani investigation, with five of its enterprises seeking to become net zero emitters by 2050. Mr. Adani and billionaire Mukesh Ambani, who made their riches on fossil fuels, are now supporters of renewable energy, supporting Prime Minister Narendra Modi’s goal to decarbonize India by 2070.
UNIFIED COMMITMENT TO CARBON NEUTRALITY Gautam Adani’s colossal business, aims to invest $100 billion in green energy over the next decade. This unprecedented pledge matches five Adani Group organizations’ net-zero emissions goal by 2050. Adani and Mukesh Ambani, another Indian billionaire, made their riches on fossil fuels but have subsequently championed renewable energy. Their efforts support Prime Minister Narendra Modi’s goal of decarbonizing India and reaching carbon neutrality by 2070.
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