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Green Hydrogen: Catalyst For Rapid Growth And Achieving Net Zero Targets

India is currently the third-largest economy in the world in terms of energy needs, and the country’s demand for energy is set to surge

 According to a collaborative report by Bain & Company and the World Economic Forum, green hydrogen has emerged as a promising solution for meeting the energy demands of key sectors in India, such as fertilisers, chemicals, refining, and iron, while simultaneously mitigating carbon emissions compared to conventional fossil fuels. The thorough research confirms India’s promise made at the 2021 United Nations Climate Change Conference in Glasgow (COP26) to support the country’s journey towards net-zero emissions by 2070.

 The study highlights the importance of green hydrogen as a clean, adaptable, and versatile energy source. Green hydrogen is created by water electrolysis and powered by renewable energy. By 2030, the energy market in India, which is now the third-largest economy in the world in terms of energy consumption, is expected to rise by a significant 35 per cent. India’s energy import bill hit USD 185 billion in 2022, making sustainable options necessary as the nation works towards net-zero emissions.

During the Glasgow conference, Prime Minister Narendra Modi emphasised India’s adherence to the Paris Agreement and said the country is working hard to meet its environmental commitments. The Bain & Company analysis emphasises how important green hydrogen is to achieving India’s energy security goals and lowering emissions at the same time, especially in difficult industries.

The National Green Hydrogen Mission, a government effort, was introduced in early 2022 and is expected to invest over USD 2.3 billion between 2022 and 2030. Its goal is to increase the production and consumption of green hydrogen. India now emits CO2 in the process of producing 6.5 million metric tonnes of hydrogen annually (MMTPA), mostly as grey hydrogen from fossil fuels. The programme aims to produce 5 MMTPA of green hydrogen by 2030, which is about half of India’s estimated 11 MMTPA total hydrogen requirement.

Although the analysis underscores the potential of renewable energy in India to bolster the rise of green hydrogen, it also stresses the urgency of adding capacity quickly. But it also points out that there is currently little ground for green hydrogen, with major industry participants taking a cautious “wait-and-watch” stance. This paper marks a critical turning point in India’s transition to sustainable energy methods, predicting a large increase in green hydrogen production after 2027.

 

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