ReNew, a decarbonization solutions provider listed on Nasdaq, is planning a significant foray into the green hydrogen sector, as stated by its Chairman, Sumant Sinha, during an event in India. Sinha emphasized the emerging opportunities for green hydrogen, which extend the reach of renewable energy into various sectors. However, he also noted that the sector requires government subsidies and mandates to accelerate its growth. Sinha shared these insights at the 14th edition of KPMG’s Innovation and Energy Conclave, known as ENRich 2023.
Regarding ReNew’s future growth strategies, Sinha mentioned their ongoing expansion in solar and wind energy capacities. He emphasized that as India’s power demand increases by 7% to 8% annually, the company will continue to build wind and solar energy capacities, given that they are the most cost-effective energy sources. Additionally, ReNew intends to transform into a larger decarbonization company, providing not only renewable energy capacity but also products and services to support corporations in reducing carbon emissions.
Sinha highlighted the immense potential of the renewable energy sector, projecting it to eventually become three to four times the size of the oil and gas sector. He estimated that the renewable energy sector would require annual investments of $3 trillion to $4 trillion over several years globally to achieve this expansion.
Regarding the role of multilateral banks in emerging markets, Sinha emphasized their critical role in facilitating private sector investments in energy projects. He urged these institutions to take on more risk to catalyze private capital for projects in emerging markets. However, he pointed out that multilateral banks have not done as much as they could have in recent years and suggested that their capital should be used to attract more private investment. He noted that the complexity arises from the banks’ limited balance sheets and the need for governments to change their mandates to address this issue.
Courtesy: Economic Times
