India’s Green Hydrogen Plan Needs $367B by 2030

According to data tracked by the specialized energy platform, India’s green hydrogen plan is essential to attaining its aim of becoming carbon neutral and a developed nation by 2047.

This was stated by Vivek Kumar Diwangan, Chairman and Managing Director of REC, during a panel discussion on “New and Old Energy Sources in Turbulent Times,” which was recently conducted in the Indian capital of New Delhi.

By implementing a number of emission-reduction measures, relying on renewable energy sources, and developing plans to create green hydrogen domestically, India aims to become carbon neutral by the year 2070.

India’s Green Hydrogen Plan According to REC Chairman and Managing Director Vivek Kumar Dewangan, India is putting the finishing touches on a comprehensive plan to develop a “green hydrogen economy” by 2030, which will cost 30 trillion rupees ($367.17 billion).

According to Vivek Kumar Dewangan, India’s green hydrogen plan will be crucial to fulfilling the nation’s objectives of becoming carbon neutral by 2047 and a developed nation.

In order to build a green hydrogen economy, which will cost 15 rupees, as well as another 15 trillion rupees to meet our medium-term goal by 2030, he continued, “we are currently completing the specific plan.

It revealed that India lagged well behind the world average in terms of per capita electricity usage and carbon emissions.

Indicating that India has 48 years to reach the target of becoming carbon neutral by 2070, he continued by stating that per capita emissions are likely to rise and predicting a peak in both power use and carbon emissions.

The energy transformation in India
According to a report seen by the platform, Brazil’s ambassador to India, Andre Arana de Lago, said the energy transition is a “huge” challenge for India because its first duty as a nation is to ensure the availability of energy for its population. He also expressed confidence that India is determined to achieve its climate goals.

According to the Indian publication “LiveMint” on November 25, he stated that “India will soon be the third largest economy in the world, and it must improve the lifestyle of its people.” He also noted that the world is watching India, which will continue to produce surprises.

Energy blend
Although India has set ambitious energy transition goals, traditional energy sources, including coal, will continue to play a significant role in the country’s energy mix for the foreseeable future, according to Neeraj Menon, Head of Energy, Infrastructure and Natural Resources Practice at India’s Trailegal.

By 2030, he continued, “I don’t see renewable energy capacity topping 40% of our energy mix.”

According to Neeraj Menon, fossil fuels will gradually be phased out over the course of the next 15 to 20 years.