“The Future Belongs to Renewable Energy” is a big deal for Big Oil’s fourth biggest player and Asia’s richest energy magnate, but Mukesh Ambani is letting his money speak for itself, all $ 10,100. millions.
In late June, the president of Reliance Industries, one of the largest oil companies on the planet, announced a Rs 750 billion investment in a new renewable energy supply chain.
While oil majors like Reliance, Shell, or ExxonMobil are often the main targets of climate activists’ attention, the resources that these energy giants can bring to stimulate renewable investment and production are sometimes greater. even that national governments. Additionally, their decades of experience in the energy industry provide them with insight into energy supply and demand trends that few others possess.
“The era of fossil fuels, which fueled global economic growth for nearly three centuries, cannot continue for much longer.” Ambani said. “The huge amounts of carbon it has released into the environment have endangered life on Earth.”
600 billion rupees will produce four “gigafactories” where solar panels, hydrogen fuel cells and battery networks will be produced, and another 150 billion will help strengthen the value chain through strategic partnerships.
When large companies like Reliance become involved, especially in production, the manufacturing costs of renewable energy as a whole decrease, not only due to investments in research and development, but also through market competition, as the Providers lower each other’s prices to offer the best deal. for consumers or government energy agencies.
The forecast for a renewable future is shared by Greenland, which has announced that it will cease all future exploration for oil and minerals, citing climate concerns and a desire to invest in green energy.
Tens of billions of barrels of oil and hundreds of trillions of square feet of natural gas are predicted to lie beneath the receding ice sheets, but keeping them on the ground is the new edict of the recently elected Inuit government of Ataqatigiit.
“The future is not in oil. The future belongs to renewable energies, and in that sense we have much more to gain, “the Greenlandic government said in a statement, before adding that it” wants to assume joint responsibility for combating the global climate crisis. “
Inhabited by 57,000 people, AP sense is that the country dreams of independence, as it receives two-thirds of its national wealth from Denmark as charity.
In a sign of maturity for the fledgling state, Greenland has decided that a near future of possible independence is not worth a long-term future of worsening climate change.
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