“We have no option as a society, as a business but to really adopt a sustainable business model,” Ambani told Bloomberg at the Qatar Economic Forum on Monday. “I think that’s a prerequisite for every business to survive as we go forward.” When asked if this green push will require dialling back on some of Reliance’s businesses, Ambani said “it means transforming our businesses and integrating that with the future”, without sharing more details.
The pivot toward a greener, cleaner version of itself won’t be an easy one for the country’s most valuable company, which got about 60% of revenue from its hydrocarbon-fuelled energy operations for the year ended March.
The push comes at a critical time, as rival tycoons including India’s second-richest man, Gautam Adani, are doubling down on their green initiatives amid a broader policy directive by the Narendra Modiled government.
Energy giants around the world are coming under pressure from socially conscious investors to improve their environmental policies and move toward a low-carbon future.
Reliance last year set itself a target of becoming a net-zero carbon company by 2035 — a shorter time frame compared to the 2050 cut-off self-imposed by many of its global peers including BP and Royal Dutch Shell. Ambani’s group bought its first cargo of carbon-neutral crude oil in February and said it was looking for more such partnerships.
The greenhouse gas emissions involved in the extraction, processing and shipping of such cargos have been offset by the crude oil suppliers.