Mukesh Ambani, Asia’s richest man, told the Qatar Economic Forum he plans to transform each of the units under his refining-to-retail conglomerate as Reliance Industries Ltd aims for net-zero carbon emissions by 2035.
Ambani said that every unit making up Reliance would have to pivot as the conglomerate moves toward net-zero. “We have no option as a society, as a business but to really adopt a sustainable business model,” Ambani said.
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 India’s most valuable company, which got about 60 percent of revenue from its hydrocarbon-fuelled energy operations for the year ended March.
The three-day Qatar Economic Forum kicked off with the country’s ruler calling on nations to avoid hoarding vaccines to the “detriment of others”.
“Racing and competition by some countries to obtain quantities that exceed their needs will cripple international efforts to control the pandemic globally in addition to obstructing the development process in the developing and poor countries,” Sheikh Tamim said in an opening address.
He also reiterated Qatar’s economic plans, saying the country would push ahead with a key liquefied natural gas project despite the effects of the pandemic. “In preparation for the next stage we are keen to adapt a balanced economic policy by continuing to expand the gas project in the North Field,” he said.
Qatar aims to increase LNG production by 40 percent by 2026 and use that revenue to help diversify sources of income.
The Qatar Ministry of Commerce and Industry, Investment Promotion Agency Qatar and Media City Qatar are underwriters of the Qatar Economic Forum, powered by Bloomberg.
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