India is poised to experience a substantial surge of over 83 percent in investments for renewable energy projects, reaching approximately $16.5 billion by 2024. The surge aligns with the country’s commitment to an energy transition, aiming to curtail carbon emissions. In pursuit of the ambitious goal of achieving 500 GW of renewable energy by 2030 and reducing fossil fuel-based power generation to below 50 percent. The government is actively driving these investments.
In addition to emphasising solar and wind energy, India has significantly intensified its focus on green hydrogen to diminish reliance on traditional fossil fuels. In July, the Solar Energy Corporation of India (SECI) initiated a bidding process to encourage the production of 4,50,000 tons of green hydrogen annually, accompanied by 1.5 GW of electrolyser manufacturing facilities.
Under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-I), a total of 21 firms submitted bids for incentives related to electrolyser manufacturing amounting to 3.4 GW, while 14 companies vied for incentives linked to the production of 5,53,730 tons of green hydrogen.
As reported by ETEnergyworld.com, the National Green Hydrogen Mission has been established to position India as a global hub for manufacturing this environmentally friendly energy source. This initiative is anticipated to foster the development of a green hydrogen production capacity of 5 million metric tons per annum by 2030.
