New Delhi: Pralhad Venkatesh Joshi, the Union Minister for New and Renewable Energy, announced that India’s National Green Hydrogen Mission (NGHM) is expected to draw investments totaling ₹8 lakh crore and create around 6 lakh employment opportunities.
New Delhi, September 2024 – India is taking a monumental step towards achieving significant economic and environmental gains through its green hydrogen initiative. According to Union Minister for Parliamentary Affairs and Coal, Pralhad Joshi, the country is on track to save ₹1 lakh crore by embracing green hydrogen as a key energy source, while expecting a massive ₹8 lakh crore investment in the sector by 2030.
Speaking at a recent industry event, Joshi highlighted the transformative potential of green hydrogen in reducing India’s dependency on fossil fuels and cutting greenhouse gas emissions. The government has set ambitious targets for the adoption of green hydrogen, viewing it as an integral part of India’s energy transition plan.
A Path Towards Energy Independence
The green hydrogen push is part of the National Hydrogen Mission, which aims to position India as a global hub for the production, utilization, and export of this clean energy source. Joshi emphasized that adopting green hydrogen not only aligns with the country’s climate goals but also promises substantial financial savings by reducing fossil fuel imports. The anticipated savings of ₹1 lakh crore are expected to come from reduced energy costs, lower pollution control expenses, and decreased reliance on imported oil and gas.
Massive Investments to Drive Growth
The sector is projected to attract investments worth ₹8 lakh crore by the end of the decade, fueling the development of infrastructure, technology, and research. This infusion of capital will help expand green hydrogen production capabilities, create jobs, and promote industrial growth. Public and private partnerships will be crucial in scaling up hydrogen projects, especially in industries such as transportation, steel, and fertilizers, which have high energy demands.
Global Leadership in Green Energy
As part of its broader commitment to renewable energy, India is also looking to become a global leader in green hydrogen production and exports. With abundant renewable resources like solar and wind energy, India has the potential to produce hydrogen at competitive costs. The country’s green hydrogen strategy is expected to attract international investors, positioning it as a major player in the global clean energy market.
Challenges and Future Outlook
While the green hydrogen sector presents significant opportunities, challenges such as high production costs, technology limitations, and the need for large-scale infrastructure development remain. However, the Indian government is optimistic that ongoing research and development, along with supportive policies, will overcome these hurdles in the coming years.
The green hydrogen initiative forms a critical part of India’s long-term strategy to meet its climate targets and achieve net-zero carbon emissions by 2070. With bold plans, significant investments, and a clear vision, India is set to lead the way in the global shift towards a sustainable energy future.
