As environmental concerns regain momentum globally and companies set carbon neutral targets, oil-to-telecom major Reliance Industries (RIL) plans to give a major push to its new energy and materials business.
In his statement to the shareholders of the company in its annual report for FY20-21, Reliance Industries Chairman & Managing Director (CMD) Mukesh Ambani noted Reliance has set itself a target to become net carbon zero by 2035.
“The world is now closing ranks for strong global action on Climate Change. This gives Reliance the right opportunity to accelerate our own ambitious New Energy and New Materials business wedded to the vision of clean and green development. To combat climate change, Reliance has set itself a target to become Net Carbon Zero by 2035,” he said.
Ambani said that it is part of a wider ambition to achieve best-in-class standards across environmental, social, and governance parameters under the oversight of the company’s board.
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He also told the shareholders that the strong balance sheet and high liquidity available with RIL would support its growth plans for Jio, Reliance Retail, and its oil-to-chemical (O2C) business.
His statement noted that strong operating cash flow and the largest ever capital raise have further strengthened its balance sheet, enabling the company to deleverage and meet its net-debt zero commitment ahead of stated timeline.
“We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines – Jio, Retail and O2C,” Ambani said.