Billionaires Mukesh Ambani And Gautam Adani Compete In New Area

Adani Group, run by the second-wealthiest person in Asia and namesake of the ports-to-power business conglomerate, said on Tuesday it will invest $20 billion over 10 years in renewable power.

The race between tycoons Mukesh Ambani and rival Gautam Adani is heating up, with the two billionaires going head-to-head to try claim the title of world leaders in renewable energy.

India, an outlier as a major greenhouse gas producer that's yet to announce a net zero emissions target, has seen its key businesses lead the charge with plans to build an industry around decarbonization on billions of dollars of investment.

Adani Group, run by the second-wealthiest person in Asia and namesake of the ports-to-power business conglomerate, said on Tuesday it will invest $20 billion over 10 years in renewable power. The announcement comes on the heels of Ambani, Asia's richest man and owner of oil refining and petrochemical giant Reliance Industries Ltd., who said in June that it would spend $10 billion in green energy over three years.

With the COP26 climate summit in Glasgow just weeks away, India is under pressure from global leaders to commit to a net zero target. While the nation's political leaders have considered setting a carbon neutrality goal, Prime Minister Narendra Modi's government has argued that as a developing nation where per capita electricity consumption is less than half of the world average, it needs the energy and developed countries should shoulder the burden of emissions cuts.