Indian Economy News

The National Green Hydrogen Mission worth US$ 2.38 billion (Rs. 19,744 crores) has been approved by the Cabinet

  • IBEF
  • January 5, 2023

The National Green Hydrogen Mission worth US$ 2.38 billion (Rs. 19,744 crores) has been approved by the Union Cabinet, with an aim to make India a global hub for manufacturing this clean source of energy.

The initial outlay for the mission would be US$ 2.38 billion (Rs. 19,744 crores), which comprises an outlay for the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme worth US$ 2.35 billion (Rs. 17,490 crores), US$ 177 million (Rs. 1,466 crores) for pilot projects, US$ 48.3 million (Rs. 400 crores) for research and development, and US$ 46.9 (Rs. 388 crores) for other components of the mission.

The mission aims to promote the development of a green hydrogen production capacity of at least five million metric tonnes (MMT) per annum, along with an additional renewable energy capacity of about 125 gigawatts (GW) in the country by 2030. An investment of around US$ 97 billion (Rs. 8 trillion) and the creation of over 6 lakh jobs are expected by 2030. The impact of this would be a reduction in the imports of fossil fuels by over US$ 12 billion (Rs. 1 trillion) and abatement of nearly 50 MMT of annual greenhouse gas emissions by 2030. The benefits of the mission would range from creating export opportunities for green hydrogen, decarbonising industrial, mobility and energy sectors, creating employment opportunities, etc. The mission will facilitate demand creation, production, utilisation, and export of green hydrogen. Pilot projects will also be supported under this mission. Additionally, a public-private partnership framework for research and development (Strategic Hydrogen Innovation Partnership - SHIP) will be formulated under the mission. The Ministry of New and Renewable Energy will be responsible for the overall coordination and implementation of the mission.

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

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