RIYADH: Transition from fossil fuels to renewables will take time and investments in oil and gas should continue to ensure global growth, the chief of Reliance Industries Limited has insisted.
Speaking at the Future Investment Initiative in Riyadh on Oct. 25, Reliance’s chairman and managing director Mukesh D. Ambani said that renewables account for only 10 percent of global power generation.
According to Ambani, the energy sector is facing pressure to meet rising demand whilst battling climate-related issues.
“On one hand, with rising aspirations and growing urbanization, we must meet the energy, food, water and other basic needs of 7.5 million people. On the other hand, and simultaneously, we must also save our beautiful planet from the climate crisis,” he said.
He went on to note that Saudi Arabia and India, along with other countries in the east and south, are playing a crucial role in driving the world’s transition into a new global order, as humankind passes through changes unseen in history.
“I shall mention four transformative transitions, energy transition from fossils to renewables; technology transition from physical to digital; economic transition from west to east, and demographic transition from aging nations to young nations,” said Ambani during his speech.
He added that India is aiming to produce half of its energy requirements from renewables by 2030, including the production of green hydrogen.
He noted that Crown Prince Mohammed bin Salman and Indian prime minister Narendra Modi provide broad and far-sighted leadership.
“In the technology transition too, Prime Minister Modi’s Digital India Mission and the Vision 2030 unveiled by the Crown Prince of Saudi Arabia are in alignment,” he said.