Mukesh Ambani targets to reduce carbon dioxide (CO2) emission of Reliance Industries (RIL) by adopting technologies to convert the greenhouse gas into new products and chemicals. RIL has already made substantial progress on photosynthetic biological pathways to convert the CO2 emissions at Jamnagar into high value proteins, nutraceuticals, advanced materials and fuels.
Ambani said at the Annual General Meeting (AGM), "We will develop next-gen carbon capture and storage technologies. We are evaluating novel catalytic and electrochemical transformations to use CO2 as a valuable feedstock."
RIL has proprietary technology to convert transportation fuels to valuable petrochemical and material building blocks. The greenhouse gases play a vital role in trapping heat in the earth's atmosphere, and prevents the planet from becoming a frozen wasteland. However, the concentration of greenhouse gases has been steadily rising since the beginning of the industrial revolution in the late 18th century. Generation of electricity and heat accounts for almost 30 per cent of greenhouse gas emissions. CO2 accounts for nearly 80 per cent of such emissions.
The CO2 recycling technologies are at nascent stage. For RIL, which is in the manufacturing of fossil fuels, it is high time to invest in the emission reduction processes. Ambani also spoke about replacing transportation fuels with clean electricity and hydrogen. "We will combine our strengths in digital, power electronics, advanced materials and electrochemistry to build full stack electrolyser and fuel cell solutions in India," he said.
He added that RIL will build an optimal mix of reliable, clean and affordable energy with hydrogen, wind, solar, fuel cells and battery. "Transforming our energy business to tackle one of the biggest challenges before India and the World is our new growth opportunity," he said. According to Ambani, RIL targets to become a net carbon-zero company by 2035. He wants to build RIL as a new energy and new materials company.
"It will be a platform company which will execute our vision in a worldwide collaborative model. The model envisages a large coalition of global financial investors, reputed technology partners, and start-ups working on futuristic solutions. The New Energy business based on the principle of Carbon Recycle and Circular Economy is a multi-trillion opportunity for India and the world," he added.