Gautam Adani meets UK PM Boris Johnson, pledges $70 billion towards 'energy transition'

Adani Group Chairman Gautam Adani met UK Prime Minister Boris Johnson at the Global Investment Summit on Tuesday. After the meeting, the Indian business tycoon announced that Adani Group will commit $70 billion to energy transition via solar, wind and water in its bid to commit to the global action against climate change.

Gautam Adani also thanked the UK Government and the Department for International Trade for the opportunity. Taking to Twitter, he shared a photo of his visit to the Global Investment Summit in London. In the picture, the Adani Group chairman was seen holding a discussion with Boris Johnson. 

According to an official release of Adani Group, the conglomerate has pledged $50-70 billion in renewable energy value chain over the next decade. The group has committed 70% of its planned capex to the energy transition until 2030. 

"Green policies and climate action not based on equitable growth will struggle in the long run. We are putting money where our mouth is," Gautam Adani was quoted as saying in a statement issued by Adani Group. He added that the portfolio companies of the group are leading the way with investment plans.

Global Investment Summit

The Global Investment Summit was held in London on October 19 to encourage foreign investment in Britain. According to an official release of the UK Government, investors pledged almost £10 billion at the summit. The statement from the UK PMO read, "At least 30,000 new jobs will be created around the UK thanks to £9.7 billion of new foreign investment."

Nearly 18 new deals were signed, including the one signed by the Adani Group to support green growth. These include sectors such as wind and hydrogen energy, sustainable homes and carbon capture and storage, cementing the UK’s climate leadership for COP26 and beyond, the UK Government said.

After the summit, the UK PM said, "The world’s top investors have seen the massive potential in the UK for growth and innovation in the industries of the future. The fantastic £9.7 billion of new investment we have secured today will power our economic recovery, creating thousands of jobs and helping to level up across the country."

He added, "This is just the start. We will see new partnerships for green growth forged at today’s Global Investment Summit, as we look ahead to COP26 and beyond."