Prime Minister Narendra Modi has announced an ambitious target of producing 5 million tons of green hydrogen annually in India, as the country seeks to reduce its carbon emissions and transition to a low-carbon economy. Speaking at a virtual conference on green hydrogen, Modi said that India has the potential to become a leading producer and exporter of green hydrogen, which is seen as a key clean energy source for the future.
“We have set an ambitious target of producing 5 million tons of green hydrogen annually in India,” said Modi. “This will not only help us achieve our climate goals but also create new opportunities for the private sector and generate employment. We are committed to making India a hub for green hydrogen production and exports.”
Modi also announced a package of incentives worth Rs 19,000 crore ($2.6 billion) for the private sector to encourage investment in green hydrogen production. The incentives include a subsidy on the cost of electrolyzers, which are used to produce green hydrogen from water using renewable energy sources such as solar and wind power.
The Prime Minister said that the government is committed to promoting the use of green hydrogen in various sectors, including transportation, industry, and power generation. He highlighted the potential of green hydrogen to not only reduce carbon emissions but also create new opportunities for the private sector and generate employment.
“Green hydrogen is not just a clean energy source, but also a source of economic growth and job creation,” said Modi. “We are committed to promoting the use of green hydrogen in various sectors, and we are confident that the private sector will play a key role in realizing this vision.”
India is one of the world’s largest greenhouse gas emitters, and the government has set a target of achieving 450 GW of renewable energy capacity by 2030, as part of its commitment under the Paris climate agreement. The announcement of the target and the incentives for green hydrogen production is seen as a major step towards achieving this goal and transitioning to a low-carbon economy.