Billionaire Gautam Adani stated that China will feel more and more isolated as rising nationalism, shifting supply chains, and technological restrictions threaten the second-largest economy in the world.
China’s Belt and Road Initiative has encountered resistance in numerous nations, posing a threat to Beijing’s global ambitions, the world’s third-wealthiest man told a Singapore conference on Tuesday. The collapse of its real estate market has been compared to what occurred in Japan during the “lost decade” of the 1990s, he added.
“Although I anticipate that all of these economies will eventually readjust and recover,” he said, “the resistance to the recovery appears to be much greater this time.”
Adani’s comments on China and the global economy come at a time when the 60-year-old ports-to-power magnate is attempting to increase his international profile after accumulating more than $58 billion in personal wealth this year. He stated that central banks are doing the “unthinkable” by raising interest rates so much that they can cause a recession.
As a tycoon who funds and straddles both sides of the green-energy divide, he also responded to criticism of India’s plans to increase the amount of power it generates from dirty fossil fuels.
“Critics would have us immediately eliminate all fossil fuel sources that India requires to provide for its large population,” he said. “India would not benefit from this.”
Adani’s conglomerate is investing in renewable energy, and the billionaire reaffirmed his intention to invest $70 billion in the transition. Environmental groups have alleged that Adani’s energy ambitions include the financing of new coal mines and fossil fuel-powered power plants.
The tycoon’s remarks echo those of Prime Minister Narendra Modi, who has blamed climate change on historic emissions from the developed world and made it his mission to provide electricity to every home in India, for which he requires inexpensive fuel.
Despite being the world’s third-largest emitter of greenhouse gases, India will add nearly 56 gigawatts of coal power capacity if the cost of storing electricity does not drop significantly, Power Minister Raj Kumar Singh told Bloomberg News this month. The government prioritizes economic growth and reliable electricity supply.
Singh stated that India is also planning major investments in renewable energy. India, whose power demand soared this summer due to record-high temperatures, is also delaying the closure of older coal plants and increasing mining output.
