According to a senior government official, India intends to reduce the cost of green hydrogen production from $5 to $6 per kilogram in order to incentivize industry to switch to cleaner energy sources. The country also wants access to lower-cost loans in order to help fund this transition.
According to a roadmap released in February by the third-largest carbon emitter, China is planning to become a hub for producing and exporting green hydrogen, a fuel that is yet to be commercially viable.
According to Kant, New Delhi wants the World Bank and other global funders to set up guarantee programs so that low-interest loans can be obtained from them. Refineries, fertilizer makers, and steel producers will all benefit from the use of green hydrogen to reduce their carbon footprints, he said.
With its oil import bill expected to nearly double to $300 billion in the next decade, India wants to reduce its dependence on the commodity, according to Kant, the country’s minister of petroleum and natural gas.
To meet Prime Minister Narendra Modi’s goals of a net-zero carbon emissions country by 2070 and a 50 percent renewable energy use country at decade’s end, the government is making changes to its policies.
According to the India Hydrogen Alliance, which includes Reliance Industries Ltd. and JSW Steel Ltd., it will take $25 billion to create a domestic supply chain with a national installed electrolyser capacity of 25 GW producing 5 MT of Green Hydrogen by 2030.
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