Abu Dhabi, 6th November,
2024 : Avaada Group,
a leading renewable energy company from India, addressed attendees at ADIPEC
2024, the world's largest energy conference in Abu Dhabi, emphasizing the
financial and regulatory commitments essential to driving the global energy
transition.
During a critical
debate at the summit, Vineet Mittal, Chairman of Avaada Group,
highlighted the commonly cited $35 trillion estimate for transitioning the
world to sustainable energy by 2050 to be highly conservative, stating that a
more realistic target should be closer to $200 trillion.
In a sector-by-sector
breakdown, there was a focus laid on the urgency of this investment to achieve
a climate-secure future. With 2023’s energy investment hitting a record $2.8
trillion, Mittal explained that a continued investment at this level will fall
far short. “If we’re serious about meeting our 2050 goals, we need to double
down on funding to reach around $6 trillion annually,” he stated. “This
is the scale of investment required to build resilient, low-emission energy
infrastructure on a global level.”
Key ADIPEC panel
points included:
Power Sector
Transformation: A 93% reduction in emissions is required by 2035, which will
necessitate tripling global renewable energy capacity to 11 TW by 2030 and
reaching 31 TW by 2050.
Transportation Shift:
By 2034, 100% of new passenger vehicles must be electric, with the entire
passenger fleet electrified by 2046.
Green Hydrogen’s Role:
Clean hydrogen production needs to increase fourfold, from 94 million tons
today to 400 million tons by 2050, to decarbonize energy-intensive sectors like
industry and transportation.
The panel also
discussed the critical need for private sector involvement in green tech.
Mittal argued for policies that foster international cooperation and
open-sourcing technologies, such as through the “One Sun, One World, One
Grid” initiative, to optimize renewable energy use across regions.
Avaada advocates for innovative financing methods—such as first-loss
guarantees, fair public-private partnerships (PPP), and transparent carbon
pricing—to make green projects more viable for private investors, particularly
in the Global South.
Green hydrogen
remains a key element of Avaada’s strategy for a sustainable future. Drawing on lessons from the solar
industry’s scale-up, Mittal called for global policy incentives like feed-in
tariffs to support green hydrogen’s growth. “If we make green hydrogen
affordable, we can decarbonize sectors that are otherwise difficult to
transition, such as heavy industry, aviation, and shipping,” he noted.
Avaada is actively pursuing green hydrogen projects, leveraging its renewable
expertise and collaborating with international partners to drive a competitive,
scalable hydrogen market.
Vineet Mittal
concluded with a call for collaboration between new clean-energy companies and
established industry leaders, combining agility with financial scale to
fast-track the energy transition. “A sustainable future isn’t a single
company’s achievement—it’s a global effort, demanding innovative partnerships
and a unified commitment to transformation,” he stated.
Avaada’s participation
in ADIPEC 2024 emphasizes its leadership and commitment to advancing clean
energy and offers a roadmap to achieve a sustainable, resilient energy future
on a global scale.
About Avaada Group:
Avaada Group is at the
forefront of the global energy transition, with expertise in solar module
manufacturing, renewable power generation, and the development of green
hydrogen, green methanol, green ammonia, and sustainable aviation fuel
projects. Under the leadership of Mr. Vineet Mittal, Avaada has emerged as a
major global energy player. Avaada Energy, its renewable power generation arm,
aims to reach an installed capacity of 11 GWp by 2026. The group’s strong
execution capabilities and proven track record have attracted significant international
investments, including a US $1.3 billion funding commitment in early 2023,
comprising US $1 billion from Brookfield’s Energy Transition Fund and $300
million from GPSC, a subsidiary of Thailand’s PTT Group.