The National Green Hydrogen Mission has been approved by India’s Union Cabinet with the goal of developing a green hydrogen production capacity of 5 million metric tonnes and 125GW of renewable energy by 2030.
The mission aims to reduce 50 million metric tonnes of greenhouse gas emissions and potentially cut 3.6 gigatonnes of CO2 emissions by 2050, as per a report from NITI Aayog, the government’s top public policy think tank.
“The mission will lead to significant decarbonisation of the economy, reduced dependence on fossil fuel imports, and enable India to assume technology and market leadership in green hydrogen,” said the Ministry of New & Renewable Energy.
The mission also aims to create a co-ordinated skills development programme, resulting in 600,000 job opportunities. It intends to increase the export of green hydrogen and decrease the import of fossil fuels, resulting in more than USD11.5 billion in investment for infrastructure development.
The first allocation for the mission will be USD2.7 billion, including a USD2.4 billion investment under the Strategic Interventions for Green Hydrogen Transition programme.
Source : India Business Law Journal