The Adani Group, led by billionaire Gautam Adani, is gearing up to secure a substantial USD 4 billion investment for the development of affordable green hydrogen, as disclosed by insiders currently engaged in preliminary discussions with national and international financial institutions.

This strategic move follows the earlier announcement of a USD 5 billion joint venture between Adani and France’s TotalEnergies SE, aimed at advancing the production of green hydrogen and its associated products within India. This collaboration holds particular significance in light of India’s current status as the world’s third-largest emitter of greenhouse gases, demonstrating its unwavering commitment to a path of decarbonization.

Gautam Adani’s commitment to environmental sustainability is clearly evident, with a remarkable 75 per cent of the group’s upcoming capital expenditure earmarked for eco-friendly initiatives. Adani’s vision extends to a substantial USD 20 billion investment over the next decade, focused on renewable energy, sustainable component manufacturing, and associated infrastructure development.

The green hydrogen initiative isn’t exclusive to Adani, as Mukesh Ambani, the chairman of Reliance Industries, joins this endeavor, aligning with Prime Minister Narendra Modi’s vision for India to lead in adopting cleaner technologies.

Adani’s official website sheds light on the potential of green hydrogen to revolutionize India’s energy sector. Envisioning a future where green hydrogen, priced at less than $1 per kilogram, not only aids in the transition away from fossil fuels but also relieves the economic burden of energy imports.

While Adani New Industries is independently working to secure new funding separate from Total, insights reveal that the funds will support various projects. Among these projects, a green hydrogen facility in Gujarat is planned, boasting an annual production capacity of 1 million metric tons, with the goal of becoming operational by 2027.

This investment initiative occurs against the backdrop of the Adani Group’s resilience. Despite facing corporate fraud allegations earlier this year, the group has been diligently working to rebuild trust with its lenders. Despite the challenges and subsequent reduction in the Adani Group’s market presence, India’s market regulator continues its thorough investigation into the conglomerate’s adherence to local securities laws.