India's clean energy export likely to rise to $500 billion in next 20 yrs: Mukesh Ambani

Companies including Reliance have invested billions of dollars to increase renewable energy capacity with the government pushing for the expansion of building battery storage, fuel cells, and producing green hydrogen.

"If the last 20 years, we were known for India's emergence as an IT superpower, next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences," Ambani, one of Asia's richest men, said at the Asia Economic Dialogue, reported Reuters.

Ambani said India should build a strategy to end dependence on fossil fuels in the next twenty to thirty years, the report added.

"For the next two to three decades, India's dependence on coal and imported oil will continue. But, we must have a plan to eliminate that in the next two to three decades."

Ambani said India would have to adopt "low-carbon and no-carbon strategies" in the near and medium-term.

Prime Minister Narendra Modi has set a target to make India a net-zero carbon emitter by 2070.

The nation plans to install 450 gigawatts (GW) of renewable energy by 2030, from about 105 GW currently, and has recently announced plan to produce 5 million tonnes of green hydrogen per year by 2030.

"We have to make sure (we) bring cost of green hydrogen at a dollar per kilo and make sure that we transport and disburse it also at less than a dollar per kilo," Ambani was quoted as saying by Reuters.

"I think we will be able to do all this plus or minus 20 percent," he added.