Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Wednesday declared the company’s aim of becoming net carbon zero by 2035. This is in line with Reliance’s long-term vision and how the company is re-imagining the entire energy platform.
He made the announcement at the company’s 43rd Annual General Meeting (AGM), which was held through video-conference.
Emphasising that the energy industry needs to adopt a clean, circular, sustainable and planet-friendly model that delivers green and affordable energy to all the 7.8 billion people on the planet, Ambani said that this can achieved by making CO2as a recyclable resource, rather than treating it as an emitted waste.
“While Reliance will remain a user of crude oil and natural gas, we are committed to embracing new technologies to convert our CO2 into useful products and chemicals. We have already made substantial progress on photosynthetic biological pathways to convert our CO2 emissions at Jamnagar into high value proteins, nutraceuticals, advanced materials and fuels. We will develop next-gen carbon capture and storage technologies. We are evaluating novel catalytic and electrochemical transformations to use CO2 as a valuable feedstock,” he said.
Reliance also has proprietary technology to convert transportation fuels to valuable petrochemical and material building blocks. At the same time, we will replace transportation fuels with clean electricity and hydrogen, Ambani added.
“We will combine our strengths in digital, power electronics, advanced materials and electrochemistry to build full stack electrolyser and fuel cell solutions in India. We will build an optimal mix of reliable, clean and affordable energy with hydrogen, wind, solar, fuel cells and battery,” Ambani said.
Transforming the energy business to tackle one of the biggest challenges before India and the World is the new growth opportunity, declared Ambani while adding that on successful implementation of this strategy, Reliance targets to become net carbon-zero by 2035.
Spelling out a 15-year vision to build Reliance as one of the world's leading New Energy and New Materials Company, Ambani said that it will be a platform company which will execute its vision in a worldwide collaborative model.
This model envisages a large coalition of global financial investors, reputed technology partners, and start-ups working on futuristic solutions. The New Energy business based on the principle of Carbon Recycle and Circular Economy is a multi-trillion opportunity for India and the world, Ambani said.
RIL along with its partner BP India, has set up a fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML). RBML aims to evolve cleaner and affordable options for Indian consumers using digital and technology as key enablers.