Disruption in energy market to create trillion dollar of value in next two decades: Gautam Adani
Dec 09, 2020
New Delhi [India], December 9 : The new emerging models in the energy market and the continuing disruption will create a trillion dollar of value over the next two decades, said Adani Group Chairman Gautam Adani on Wednesday at the Singapore Fintech Festival.
"We are witnessing accelerated cycles of disruption in every market - and even more so in the energy markets as new business models continue to rapidly emerge. I expect the disruption in the energy markets will create over a trillion dollar of value over the next two decades - and even more importantly - lay the foundation of "hope" to the millions that have lived their lives lacking electricity," Adani said.
He further mentioned that India's approach of producing clean energy was validated by a very recent BNEF Climatescope study that ranked it as the top emerging market for clean energy, well on its way to meet its goal of 450 GW of clean energy by 2030.
"India is leading the world through its ability to perhaps produce the least expensive electrons mankind has yet known," Adani said.
"The acceleration is unprecedented - As of today, India is already approaching 100 GW of renewable capacity with another 80 GW under construction or tendered out. In fact, India is the only G20 nation whose actions has allowed it to keep its promised rate of decarbonisation," he added.
Organised annually by the Monetary Authority of Singapore, the Singapore Fintech Festival was attended by Scott Morrison, Prime Minister of Australia, Jacinda Ardern, Prime Minister of New Zealand, Bill Gates - Co-Chairman of Bill and Melinda Gates Foundation, Satya Nadella - CEO, Microsoft, Sundar Pichai - CEO of Google, Larry Fink, Chairman and CEO of BlackRock, Nandan Nilekani, Chairman, Infosys, Abhijit Banerjee from MIT, former RBI governor Dr. Raghuram Rajan, Jane Fraser, CEO of Citi, among others.
Highlighting the efforts made by Adani Group in staying aligned with the national priorities, he said, "I am proud to say that the Adani Group is doing its part to stay aligned with the national priorities. Our renewable journey is just five years old and we are today the world's largest solar power company with 15 GW under operation, construction or contract. We are now accelerating towards achieving a generation capacity of 25 GW of renewable power by 2025 - and thereafter becoming the world's largest renewables company by 2030."
Earlier today, while addressing the TiE Global Summit, Adani spoke about energy economics and growth of nations. "I strongly believe that the marginal cost of electricity will continue to drop sharply as the renewable energy boom accelerates, and India will be the least expensive producer of renewable energy."
TiE Global Summit was inaugurated by Vice President Venkaiah Naidu and was attended by Nitin Gadkari, Union Minister for Road Transport and Highways.
