To meet its growing industrial and energy needs, India projects a requirement of 25 million tonnes of hydrogen gas annually by 2050. This ambitious target dwarfs current capacities. However, India is taking a significant step forward with its National Hydrogen Mission launched in 2021. The mission includes a revised target of producing 5 million tonnes of green hydrogen by 2030, a substantial increase from the previous goal of 1 million tonnes. This ambitious production goal positions India to become a global hub for clean hydrogen production and export.
According to a World Bank executive, India would need an investment of over ₹5,80,000 crore ($70 billion) in green hydrogen production and allied infrastructure to achieve this ambitious target. This includes plans to set up at least 25 GW of renewable energy capacity dedicated to green hydrogen by 2030.
Hydrogen as a fuel is gaining huge prominence in the world and India. Hydrogen fuel cell technology utilizes hydrogen and oxygen to generate electricity, with water vapour being the sole emission. This eliminates harmful pollutants, drastically improving air quality.
HUGE OPPORTUNITIES FOR INDUSTRIAL USES
Green hydrogen doesn’t produce greenhouse gas emissions when used. By replacing fossil fuels in sectors like steel production, refineries, and heavy-duty transportation, it can massively contribute to India’s net-zero goals.
At the COP26 climate conference in Glasgow in November ’21, India announced its commitment to achieving net zero emissions by 2070. This ambitious goal recognizes the urgency of climate change while acknowledging India’s developing economy. The plan focuses on ramping up clean energy, improving energy efficiency, and reducing emissions throughout the economy. While some argue for a faster timeline, India’s target reflects the need to balance environmental responsibility with continued economic growth.
This story is from the July, 2024 edition of Beyond Market.
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This story is from the July, 2024 edition of Beyond Market.
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