India's Adani group chairman said his company is looking to become one of the largest green hydrogen producers in the world, which could then potentially make India the world’s cheapest hydrogen producer.

Speaking on the sidelines of UK’s Global Investment Summit at the London Science Museum on Tuesday, Gautam Adani said his portfolio companies will invest between $50 billion and $70 billion across the entire green energy value chain.

More than 70 percent of its planned capex until 2030 will be in sustainable technologies, Adani said statement issued by the company.

While India has not yet committed to a net zero emissions target by 2050, it has in recent months encouraged its industry to shift to renewable energy sources. Earlier this year, Mukesh Ambani, the owner of oil refining and petrochemical giant Reliance Industries Ltd., said his group would spend $10 billion in green energy over three years. Last month, Adani himself committed to invest $20 billion over 10 years in renewable power.

According to a report by Fitch Solutions, the hydrogen industry is set to grow to $183 billion by 2023. Goldman Sachs said has valued the green hydrogen market at $10 trillion by 2050. In the Middle East, fossil fuel giants, UAE and Saudi Arabia, have set out to position themselves as low-cost producers green and blue hydrogen with state oil companies Abu Dhabi National Oil Company and Saudi Aramco taking the lead.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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