India is targeting approximately one million tonnes of green hydrogen production every year by 2030.
This information was shared by Bhagwanth Khuba, Minister of State, New and Renewable Energy, during the Climate and Biodiversity Week at Expo 2020 Dubai.
Bhagwanth Khuba said that the energy sector is set to undergo a drastic transformation across the globe, and the future belongs to renewable energy (RE).
He said that given the 175 GW installed RE capacity by 2022 target announced in 2015 by Prime Minister Narendra Modi, India surpassed the 100 GW milestone (excluding large hydro) in 2021.
He added that as of now, India has only tapped a fraction of the vast potential for renewable energy and, therefore, India has raised the target to 450 GW RE installed capacity by 2030.
Union Minister Khuba reiterated the benefits of investing in India’s RE sector and highlighted that ensuring Ease of Doing Business has been India’s utmost priority.
“We have established dedicated Project Development Cell (PDC) and FDI Cell in all ministries for handholding and facilitating domestic and foreign investors. 100 percent FDI is also permitted through direct automatic route,” he emphasised.
“India now has decided to ramp up its solar module manufacturing capacity. The Government of India has recently launched the Production Linked Incentive scheme for the manufacture of High Efficiency Solar PV Modules. We expect to add 10 Gigawatt of solar PV manufacturing capacity over the next five years”, he said.
He further added, “Green hydrogen is going to play an important role in decarbonising our economy especially in the hard-to-decarbonise sectors. India is developing the National Green Hydrogen Energy Mission to scale up green hydrogen production and utilisation across multiple sectors.”
India is targeting initially approximately 1 million tonnes annual green hydrogen production by 2030, he said.
Khuba said that India’s ambitious target of 450 GW opens up investment opportunities to the tune of USD 221 billion by 2030.