India commits to renewable energy and green hydrogen transition bolstered by international support
NEW DELHI: In a significant development, Union minister of Petroleum and Natural Gas Hardeep Singh Puri, reiterated India’s commitment to renewable energy and the National Green Hydrogen Mission during the valedictory session of the International Conference on Green Hydrogen (ICGH-2023). The three-day conference, held at Vigyan Bhawan, showcased India’s determination to embrace renewable energy and solidify its position as a global leader in the transition to a sustainable future.
Minister Puri highlighted India’s natural advantages in producing green hydrogen, citing abundant solar energy and substantial investments in the power grid. Ranked fourth globally in installed renewable energy capacity, India possesses a favourable climate, abundant resources, and a strong supply chain for green hydrogen production. Recognizing the significant potential of India in the clean and renewable energy sector, international financial institutions have shown keen interest in investing in the country.
“The European Investment Bank (EIB) has pledged 1 billion Euros to support the development of a large-scale industry hub, demonstrating its confidence in India’s green energy initiatives. Additionally, the Asian Development Bank (ADB) has expressed its intent to provide $20-$25 billion over five years to support India’s green growth aspirations. The World Bank has also approved $1.5 billion in financing to aid India’s low-carbon transition journey,” he added.
Emphasizing the importance of collaboration between public and private players, minister Puri highlighted ongoing review meetings at the industry level to boost hydrogen production capacity in India. He emphasized the strategic utilization of green hydrogen in refineries and City Gas Distribution (CGD), both through public and private sector entities, to phase out fossil fuels and support decarbonization goals.
During the conference, Union Minister of State (Ind. Charge) Science and Technology, MoS PMO, Jitendra Singh, stressed the potential of the hydrogen mission to create jobs and boost global trade. Singh reiterated India’s commitment towards a self-reliant India and underscored the three key aspects of affordability, accessibility, and acceptability in the adoption of green hydrogen.
Minister Puri acknowledged the pivotal role of Public Sector Undertakings (PSUs) in driving the transition towards a green hydrogen economy.
He stated that PSUs aimed to produce over 1 million metric tons of green hydrogen by 2030, aligning with the projected global demand of 200 million tons by the same timeframe, according to the International Energy Agency (IEA) report.
The International Conference on Green Hydrogen, organised by the Ministry of New and Renewable Energy in partnership with the Ministry of Petroleum and Natural Gas, Council of Scientific and Industrial Research, Office of Principal Scientific Advisor to the Government of India, and the Confederation of Indian Industry, aimed to accelerate green hydrogen production and align with global trends in technology, applications, policy, and regulation.
The minister expressed satisfaction with the event, underscoring the importance of transitioning to a hydrogen-based economy, which he deemed necessary for the current times.
With the support of international institutions and collaborative efforts between public and private entities, India is well-positioned to accelerate the adoption of green hydrogen and contribute to global decarbonization efforts.
India’s strong commitment to renewable energy and the National Green Hydrogen Mission, coupled with the backing of international institutions, sets the stage for a greener and more sustainable future.
