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Government aims to produce 5 MT of renewable hydrogen by 2030
By 2030, the government hopes to produce 5 MT of green hydrogen, according to the Nirmala Sitharaman, Finance Minister's statement on the budget on Wednesday.
She added that the budget allocates Rs 350 billion for high-priority capital investments related to net zero and energy transition goals.
The government will fund the installation of 4,000 MwH of battery energy storage, and a green credit programme would also be announced in accordance with the Environmental Protection Act.
The National Green Hydrogen Mission was approved by the government on January 4, 2023, with an initial investment of Rs 197.44 billion. The mission's goals are to make India an energy-independent nation and to decarbonise key industries. By 2030, the mission will support the development of green hydrogen demand, its production, use, and export, as well as the mobilisation of more than Rs 8 lakh crore in capital.
India may position this decarbonisation potential not just within the context of a low-carbon economy but also as a facilitator of energy security and economic development for the country.
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