The Centre has established an ecosystem to promote the growth of green hydrogen in the nation. Since we have a lot of solar energy and have made investments in our power grid, we have a natural advantage in manufacturing green hydrogen. For the generation of green hydrogen, we have the right resources, climate, production capacity, and supply chain.
The world’s top financial institutions have expressed a strong interest in investing in India because of its favorable climate and the government's constant dedication to making the world a better place to live. The European Investment Bank (EIB), which will assist the development of a large-scale industrial hub with a funding of 1 billion euros, will be our ally in the hydrogen industry.
The Asian Development Bank (ADB) recently announced its intention to support India’s objectives for a green economy with 20–25 billion dollars over five years. Not only that, but the World Bank has granted $1.5 billion in funding to support India’s transition to a low-carbon economy.
The PSUs are committed to fostering an economy based on hydrogen. By 2030, they hope to have produced more than 1 MMT of green hydrogen. 200 million tonnes of hydrogen are anticipated to be consumed worldwide by that time. In order to strategically phase out fossil fuels and advance the decarbonization goals, we will ensure that Green Hydrogen is adopted in refineries and City Gas Distribution (CGD) by both public sector organisations and the private sector. We will also attempt to develop new projects with the highest likelihood of hydrogen deployment.