IEBS Perspective On India’s Substantially Emerging GH2 Economy
Creating a sustainable environment is a universal goal that all countries have been making strenuous efforts. Like many other nations, India has recognized the need of transitioning to a green and sustainable future. Adoption of Green Hydrogen (GH2) is a critical component of this transformation. In order to ensure the country's energy security, the Government of India has staked $2.3 billion on the green hydrogen economy and entered the global race to develop green energy. Prior to delving into India’s efforts towards adopting GH2, let us first understand how crucial it is. India is the third-largest emitter of greenhouse gases in the world. Thus, to address climate change, the nation must significantly mitigate emissions by adopting clean fuels.
Action Plan for Pacing Up GH2 Economy:
India has ample sources of renewable energy, comprising hydro, wind, and solar, which can be utilized to manufacture green hydrogen for domestic and export purposes. The Union Cabinet approved the National Green Hydrogen Mission on January 4, 2022, with the goal of making India a leading global producer and supplier of GH2. The country hopes to become an export hub for Southeast Asia, the Middle East, Europe, and Africa by 2030. The country is concentrating its efforts on developing indigenous manufacturing capabilities, attracting business and investment opportunities for the emerging GH2 industry, funding several R&D projects, and creating opportunities for employment and economic development. India’s Ministry of Power permits GH2/Ammonia (NH3) manufacturers to buy renewable energy from the power exchange or set up renewable energy capacity anywhere. India is proposing a $2 billion incentive program for the green hydrogen industry to reduce production costs by a fifth over the next five years. The nation is obliging oil refineries to substitute 30% of fuel consumption with GH2 by 2035, beginning from 3% in 2025. As per the updated policy, fertilizer production should include 70% GH2 by 2035, starting from 15% in 2025. Also, urban gas distribution networks should replace 15% of their fuel volume with GH2 by 2035, commencing from 5% in 2025. Moreover, in the year 2021 to 2022, the country installed a record 15 GW of new renewable energy capacity, bringing hope to accomplish the government’s ambitious target of 450 GW by 2030.
Read our complete perspective on Indian Green Hydrogen Outlook@ https://www.iebrain.com/iebs-perspective-on-indias-substantially-emerging-gh2-economy/
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