NEW DELHI, February 23 - India might become a global green energy superpower, with exports of clean energy rising to $500 billion in the next 20 years, according to Mukesh Ambani, the chairman of oil-to-telecom company Reliance Industries.
India's renewable energy capacity includes building battery storage, fuel cells, and producing green hydrogen at less than $1 per kilogram, according to Indian companies.
"If in the last 20 years, we were known for India's emergence as an IT superpower, then next 20 years, I believe, together with technology, we will be recognized as a superpower in energy and life sciences," Ambani, one of Asia's richest men, said during the Asia Economic Dialog.
India is the world's third largest oil importer and consumer, and its power sector is heavily dependent on coal.
India should adopt a strategy to eliminate dependency on fossil fuels in the next two to three decades, according to Ambani.
"For the next two to three decades, India's dependence on coal and imported oil will continue. However, we must have a strategy to eliminate that in the next two to three decades."
India would have to follow "low-carbon and no-carbon strategies," according to the billionaire.
India will convert 450 gigawatts (GW) of renewable energy by 2030, up from 105 GW currently, and has recently announced plans to produce 5 million tonnes of green hydrogen per year by 2030.
"We must make sure (we)... reduce the cost of green hydrogen at a dollar per kilogram, and make sure that we transport and reimburse it also at less than a dollar per kilogram," Ambani said.
"I think we will be able to do all of this plus or minus 20%," he said.