IEBS Perspective On India’s Substantially Emerging GH2 Economy

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IEBS Perspective On Indias 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 Indias
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 RD projects, and creating
opportunities for employment and economic
development. Indias 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
2
record 15 GW of new renewable energy capacity,
bringing hope to accomplish the governments
ambitious target of 450 GW by 2030. Read our
complete perspective on Indian Green Hydrogen
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