According to estimates by the United Nations, India is expected to become the most populous country by 2027. As the world's third-largest energy consumer and faced with the prospect of soaring growth in the country's population and economy in the years ahead, India needs to address the challenge of meeting the rising level of energy demand while achieving a 40% reduction in its CO2 emissions by 2030.
TotalEnergies is working hand-in-hand with its longstanding partner, the Adani Group, to tackle this challenge with the joint aim of helping India move forward with its plans to develop renewable energies and natural gas by supplying more energy to the country with fewer emissions.
The energy transition raises a number of challenges for the Indian economy. The country needs to strike a balance between economic growth, social inclusion and environmental performance.
Empowered by an initial number of partnerships with Adani aimed at helping diversify the local energy mix by developing India's natural gas market, TotalEnergies created in 2020 a 50/50 joint venture with Adani Green Energy Limited (AGEL), Adani's renewable energy subsidiary and the world's largest solar power developer. Subsequently, in early 2021, TotalEnergies acquired 20% of AGEL itself.
AGEL currently operates over 7 GW of renewable projects in the country, which is equivalent to seven nuclear power plants. India has set itself the target of generating 40% of its power from renewables by 2030, reaching 500 GW of renewable capacity. Spread across 11 Indian states, these solar and wind power operations represent the Company's largest ever investment in renewables.
They paint a clear picture of our shared determination, with Adani, to supply more energy with fewer emissions, with the focus clearly on greater sustainability.
Jointly developing a multi-energy supply in India is an ambitious challenge, both in terms of importing and distributing gas to the country's inhabitants and developing gas infrastructures and LNG marketing activities. The Dhamra project currently under construction not only illustrates the goal to create a regasification terminal (5 million tons a year) but also deliver gas to the residential and transportation markets through our joint company Adani Total Gas Ltd.
Alongside Adani, our Company is firmly convinced that achieving all these projects’ ambitions is the best way of supporting the country with its transition plans and generally moving the energy transition agenda forward on a global scale.