India and Saudi Arabia have entered into a strategic Memorandum of Understanding (MoU), signaling a profound collaboration in various energy-related sectors, with a particular emphasis on Green Hydrogen.
Union Minister R.K. Singh provided key insights into this groundbreaking partnership, shedding light on the ambitious goals and technologies that will shape the future of clean energy in both nations.
The MoU, inked on September 10, 2023, extends its collaborative scope to multiple energy domains, including Hydrogen, Electricity, Grid Interconnection, Renewable Energy, Energy Efficiency, Petroleum, Natural Gas, Strategic Petroleum Reserves, and Energy Security. This broad framework envisions a comprehensive and integrated approach to revolutionize the energy landscape of both India and Saudi Arabia.
A crucial facet of this strategic partnership is the focus on Green Hydrogen, a key player in the transition to clean energy. An additional MoU, signed on October 8, 2023, solidifies the commitment of both nations to leverage their respective capabilities in fostering the growth of Green Hydrogen ecosystems within their borders. This collaboration is poised to play a pivotal role in achieving climate goals and reducing dependence on traditional fossil fuels.
India’s Ministry of New & Renewable Energy has taken decisive steps in implementing the National Green Hydrogen Mission, sanctioned by the Union Cabinet on January 4, 2023. With a substantial outlay of INR 19,744 crore spanning from FY 2023-24 to FY 2029-30, the mission aims to achieve a production capacity of 5 Mmt per annum by 2030. The ambitious targets include substantial reductions in CO2 emissions, significant investments, and the creation of numerous job opportunities.
The National Green Hydrogen Mission introduces innovative measures and financial incentives to propel the production and utilization of Green Hydrogen and its derivatives. The Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme, with an outlay of INR 17,490 crores, aims to incentivize domestic manufacturing of electrolysers and Green Hydrogen production. Waiving inter-state transmission charges and facilitating renewable energy supply through Open Access further exemplify the commitment to fostering a conducive environment for green energy projects.
