The Indian government has approved a plan to invest US$2.3bn in green hydrogen. It plans to produce at least 5Mt of green hydrogen by 2030, reducing the dependence of its cement sector on fossil fuels and cutting greenhouse gas emissions. According to Time, India currently has around 166GW of renewable energy capacity, which is hopes to increase by 125GW by the end of the decade.
The aim of the funding initiative is “to make green hydrogen affordable and bring down its cost over the next five years. It will also help India reduce its emissions and become a major exporter in the field,” said Anurag Thakur, India’s minister for information and broadcasting.
Green hydrogen currently amounts to a small fraction of global hydrogen use, estimated to be about 70Mta. Most commercially-produced hydrogen is grey hydrogen, produced using fossil fuels, and blue hydrogen that is also made using fossil fuels but with the use of carbon capture systems to reduce emissions. The production of green hydrogen results in the emission of little to no greenhouse gases, explains Time.
“A robust policy framework, requisite financial support and an enabling ecosystem for technology development are essential to displace the country’s conventional fuel mix with green hydrogen and enhance its industrial competitiveness in an increasingly decarbonising world,” said Shreyans Jain, an India-based sustainable business strategy consultant who closely tracks developments in the green hydrogen industry.
