Adani group is a dominant player in India’s clean energy industries and concerns about its finances could hurt foreign investment flows into the nation's green energy sector. Read more at straitstimes.com.
MUMBAI - The crisis facing billionaire Gautam Adani has revealed a potential pitfall in India’s ambitious plan to reduce emissions: its reliance on the country’s most affluent and powerful private citizens.
To meet its goal, India requires investment of US$160 billion annually through 2030, roughly triple today’s levels, according to the International Energy Agency. Foreign direct investment, while growing, remains a fraction of current commitments. Adani’s rapid downfall may undermine investor confidence in India more broadly, threatening to curb capital flows into the nation for green financing.
Adani has often aligned his businesses with Prime Minister Narendra Modi’s development goals and is characterising Hindenburg Research’s charges of fraud as an attack against his home country. At the same time, Power Minister Raj Kumar Singh told reporters in New Delhi on Thursday that there are more than a dozen large firms that can push India’s agenda forward.
“India is lot more than Adani. Their role in India’s energy transition is disputable,” said Assaad Razzouk, chief executive officer of Singapore-based renewable firm Gurin Energy. “It is very dangerous to confuse the energy transition in India with one group’s perspective or market power.”
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