India sees $9.52b-worth of investments through green hydrogen push

This is seen to save the country around $1.19b.

India is projecting to attract $9.52b (INR8 lakh crore) in investments as it boosts efforts to be a key player in the green hydrogen sector through its National Green Hydrogen Mission.

Prahlad Venkatesh Joshi, union minister for New and Renewable Energy, said this projected investment will generate 600,000 jobs and significantly reduce the country’s reliance on imported natural gas and ammonia, leading to savings of $1.19b (INR1 lakh crore). 

According to Hardeep S. Puri, minister of Petroleum and Natural Gas, India aims to produce 5 million metric tonnes (MMT) of green hydrogen by 2030. This will require a $100b investment and the development of 125 gigawatts (GW) of new renewable energy capacity.

Bhupinder S. Bhalla, secretary, Ministry of New and Renewable Energy, also noted that the country eyes 500 GW of non-fossil energy capacity by 2030 and reaching net zero emissions by 2070. He said that hydrogen demand in India is projected to reach 29 MMT per annum by 2050. 

“Innovative research and technological advancements are crucial for making green hydrogen affordable and scalable. We must continue to support R&D to overcome challenges and harness the full potential of green hydrogen,” said Ajay K. Sood, principal scientific adviser to the Government of India.

$1 = INR 83.98