TotalEnergies SE of France and Adani Group of India have committed to invest $50 billion in India over the next ten years to manufacture green hydrogen and establish an ecosystem around it in order to reduce their dependency on fossil fuels and transition to net-zero carbon emissions.
TotalEnergies will purchase a 25% stake in Adani New Industries Ltd, a unit of Adani Enterprises Ltd, as part of the ambition to jointly develop the world’s largest green hydrogen ecosystem, the firm said in an exchange filing.
Adani New Industries plans to build a green hydrogen production capacity of 1 million tonnes per year by 2030 in the first phase.
Traditional energy majors, including Reliance Industries Ltd, Adani Group, TotalEnergies, and Shell, are investing billions of dollars in green hydrogen projects, seeking to redefine their role in a world where people are no longer or less reliant on fossil fuels.
