The crisis facing billionaire Gautam Adani has revealed a potential pitfall in India¡¯s ambitious plan to reduce emissions: its reliance on the country¡¯s most affluent and powerful private citizens.
Led by Adani¡¯s $70 billion pledged investment in green energy infrastructure, India¡¯s tycoons have so far committed to spend far more than the government on the energy transition. Reliance Industries¡¯s Mukesh Ambani and JSW Group¡¯s Sajjan Jindal, along with energy giants such as Tata Group, have also rushed to champion the shift to a cleaner future.
But Hindenburg Research¡¯s allegations about companies linked to Adani Group have raised doubt about the firm¡¯s future, including its massive green energy investment. It¡¯s also created problems for Adani Green, the group¡¯s renewable energy arm. The storm engulfing Asia¡¯s now second-richest man also threatens to spread to the other conglomerates; Hindenburg Research has raised questions about the country¡¯s corporate governance.
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