India to supply 11MMT green hydrogen to EU, Singapore

11 Jul 2023 CW Team

India has considered the possibility of supplying more than 11 million metric tons of green hydrogen per year to the European Union and Singapore, who would then invest in these Indian clean energy projects.

New Delhi is considering bilateral agreements that would allow countries to use carbon credits associated with the production of green hydrogen, which is produced using renewable energy.

India and the EU discussed green hydrogen agreements for 10 million metric tons per year, under which corporations in the EU might invest in Indian projects and collect carbon credits.

Singapore hopes to obtain 5 million metric tons of green ammonia per year through similar bilateral partnerships, which is equivalent to another 1-1.5 million metric tons of green hydrogen per year.

Green ammonia, which is commonly used to carry fuel, is a green hydrogen derivative.

Indian renewable enterprises such as Avaada Group, Renew Power (RENE.BO), and ACME Group attended meetings organized by the Indian government.

"The bilateral agreements being discussed with the EU and Singapore present a significant business opportunity for Indian Green Hydrogen manufacturers," Avaada Chairman Vineet Mittal said.

Reliance Industries (RELI.NS), Indian Oil (IOC.NS), and Adani Enterprises (ADEL.NS) all have major aspirations for green hydrogen.

Countries all across the world are looking to hydrogen to accelerate the transition away from fossil fuels in order to combat global warming.

Last year, India attempted to advance its ambitions to become a major green hydrogen exporter by approving a Rs 174.9 billion rupee ($2.13 billion) incentive plan with a target of producing 5 million tonnes of green hydrogen by 2030.

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