Indian Economy News

Green Hydrogen Mission to help India meet net-zero targets: Experts

  • IBEF
  • January 18, 2023

The Union Cabinet approved the National Green Hydrogen Mission which aims to make India a universal manufacturing hub along with a clean source of energy supplier. The hydrogen mission is a significant step for achieving the country’s net-zero target which would reduce the input cost of a clean energy source, along with generating a number of job opportunities in the renewable energy sector, as per experts.

The mission aims at increasing the production capacity to 5 million metric tonnes (MMT) per annum which would increase the country’s energy capacity addition by 125 gigawatts (GW) in the country by 2030. The demand creation, incentives, and partnerships in the industry are expected to give a kick-start to the Indian green hydrogen industry, thereby enabling the Indian suppliers to be on the same level as the other global energy suppliers.

Mr. Sumant Sinha, Chairman and Chief Executive Officer (CEO) of ReNew Power said that the industry is ready to support India’s clean energy transition. Furthermore, he termed the launch of the mission ‘a significant step’ towards helping India achieve net-zero targets. The Managing Director of Goldi Solar, Mr. Ishver Dholakiya mentioned that the program will help in facilitating the production, utilization, and export as well as will create lakhs of job opportunities in the renewable energy sector. The cost of input materials like electrolysers will be reduced with the help of incentives which would give the local players the opportunity to compete at the global level, he said.

Another industry expert asserted that the cost per kilogram of hydrogen, which is currently US$ 3 would become less than half in the coming years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.