Public sector undertakings (PSUs) in India have set a target of producing more than 1 million metric tonnes (MMT) of green hydrogen by 2030 , Petroleum Minister Hardeep Singh Puri said at the International Conference on Green Hydrogen (ICGH-2023) Friday.
“PSUs are focusing on ensuring a hydrogen-based economy. They aim to produce more than 1 MMT of green hydrogen by 2030. Based on the IEA report, the global demand for hydrogen is expected to reach 200 million tonnes by the same time,” Puri said.
The three-day conference was organised by the Ministry of , New and Renewable Energy in collaboration with the Ministry of Petroleum and Natural Gas, Council of Scientific and Industrial Research, Office of the Principal Scientific Advisor to the Government of India and the Confederation of India. The industry, which aims to promote discussion on green hydrogen production and keep pace with global advances in technology, applications, , policy and regulation.
Puri stressed on the urgent need for transition to renewable energy and appreciated India’s position as the fourth largest country in terms of installed renewable energy capacity. He listed the abundance of solar energy in the country, investment in power grid, , suitable climate and strong supply chain as the major benefits of green hydrogen production.
The Petroleum Minister also said that several review meetings are being held regularly at the industry level to explore ways to boost hydrogen production capacity in India.
“We will ensure green hydrogen in refineries and city gas distribution (CGD) through both public sector entities and the private sector and strategically strive to design new projects with maximum possibilities of hydrogen deployment to phase out fossil fuels and aid in decarbonization goals. ”
Puri underlined India’s potential in the clean and renewable energy sector, stressing on the keen interest of leading financial institutions in investing in the country. He announced that the European Investment Bank (EIB) has pledged 1 billion euros to support the development of a large-scale hydrogen industry center , while the Asian Development Bank (ADB) has expressed its intention to provide 20 billion dollars to 25 billion dollars over five years. To support India’s green development aspirations. The World Bank has also approved $1.5 billion financing to support India’s low-carbon transition.
