Reliance Industries Limited (RIL) is aiming to provide affordable green hydrogen as a viable alternative to traditional fuels, according to Chairman Mukesh Ambani. In RIL’s integrated annual report for 2022-23, Ambani emphasized the importance of switching to cleaner energy sources as part of their decarbonization strategy. Reliance is currently one of the largest global producers of grey hydrogen and has partnered with Denmark’s Stiesdal A/S to reduce costs and commercialize their Pressurized Alkaline Electrolyser technology. Ambani stated that this partnership will pave the way for the rapid decarbonization and commercialization of affordable Green Hydrogen, which is crucial for India’s green energy transition.
Reliance has also made progress in its renewable energy initiatives, having produced its first-ever green hydrogen with torrefied biomass firing at its petrochemical sites. The company aims to establish and enable 100GW of solar energy by 2030. Ambani highlighted the development of giga factories at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, which will contribute to establishing a self-sufficient green energy ecosystem.
Additionally, RIL is laying down infrastructure for the disbursement of green hydrogen from its proposed plant in Gujarat, with production expected to begin by 2025. The company has received a 40-year lease on a 74,750-hectare land parcel in Gujarat for its green hydrogen project.
In the financial services sector, Jio Financial Services Limited (JFSL), a subsidiary of RIL, aims to provide simple, affordable, and innovative digital-first solutions. JFSL, which was valued at around $20 billion after its recent demerger, will leverage Reliance’s technological capabilities to digitally deliver financial services for Indian citizens. Last month, BlackRock Inc, the world’s largest asset manager, partnered with JFSL to create a joint venture for an asset management business called Jio Blackrock.
Overall, Reliance Industries is heavily focused on its decarbonization efforts and the development of renewable energy and financial services. The company aims to contribute to the global effort of limiting the rise in average temperatures while capitalizing on the growth opportunities in the Indian market.