Green Hydrogen Sector – India approves a $2 billion incentive program
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Green Hydrogen sector – In an effort to reduce emissions and establish itself as a major exporter of green hydrogen, India has approved a $2.11 billion incentive programme, the information minister announced on Wednesday.
The action aims to assist India, one of the world’s largest emitters of greenhouse gases, in achieving net-zero carbon emissions by 2070. By 2030, the nation hopes to produce 5 million tonnes of green hydrogen annually, reducing carbon emissions by around 50 million tonnes and saving one trillion rupees on fossil fuel imports. Electrolysis, a process that splits water with electricity, produces hydrogen, which can be used as fuel. The substance is known as green hydrogen if the electrolysers—the device that accomplishes this—are driven by renewable energy. India also intends to construct electrolysers with a power range of 60 to 100 gigawatts to aid in the production of green hydrogen.
According to insiders in the business, the government incentive is intended to lower the cost of producing green hydrogen, which is currently between 300 and 400 rupees per kg. By 2030, the government anticipates investments in the green hydrogen sector to reach 8 trillion Indian rupees ($96.65 billion). Incentives will be provided for the manufacture of electrolysers and the production of green hydrogen. By 2030, the government anticipates investments in the green hydrogen sector to reach 8 trillion Indian rupees ($96.65 billion). Incentives will be provided for the manufacture of electrolysers and the production of green hydrogen.