UAE Exit from OPEC Uncertain; India Must Focus on Energy Resilience: Sagar Adani

Speaking on the sidelines of The Economist Impact Resilient Futures Summit in New Delhi on Thursday, Adani said "time will tell" whether the move by the UAE will disrupt or stabilise global oil markets.

He said, "I think time will tell in terms of whether this move will either disrupt or, in my opinion, stabilise the world energy markets. Obviously, India and the UAE enjoy an exceptional country-to-country geopolitical relationship. The countries are very close, the leaderships are very close, and they enjoy a lot of trust and confidence with each other. So we think that from an India point of view, it will be a net-net positive in a way".

He also shared, "Whatever has happened with OPEC yesterday, the answer to all of this for India is energy resilience".

On the broader energy situation, including disruptions in the Strait of Hormuz, Adani described it as a difficult and unfortunate situation globally. However, he said India has managed the crisis effectively and ensured that its impact has not translated into significant hardship for people.

He emphasised that the long-term solution for India lies in strengthening its energy resilience. He said the Adani Group has committed USD 100 billion towards energy transformation in the country, focusing on investments across renewable energy, transmission infrastructure, thermal power and other energy sources.

The aim, he said, is to build a strong and resilient energy backbone for the Indian economy.

Adani also highlighted the role of government policies in supporting the sector. He said more than 50 gigawatts of manufacturing capacity has been added in the country over the past couple of years, driven by policy support. In addition, India crossed 55 gigawatts of renewable energy installations last year for the first time.

He said both manufacturing capacity and project deployment in the energy sector are accelerating at a significant pace and are expected to continue.

On his company's projects, Adani said Adani Green Energy is developing the world's largest single-location renewable energy project in Khavda, Gujarat. The project will have a capacity of 30,000 megawatts spread across 580 square kilometres.

He added that the company currently has 20,000 megawatts of installed green energy capacity and aims to scale it up to 50 gigawatts by 2030, with annual capacity additions aligned to this target.

Adani further said India has played a strong role in navigating the global crisis and continues to manage the situation effectively amid ongoing geopolitical tensions.

- ANI