Up to INR 50 billion in green investments desired in UP

The Uttar Pradesh (UP) government wants to entice private investments up to INR 50 billion in the solar and bio-energy industries, riding the wave of the worldwide transition to green energy. Over the next five years, the state wants to produce 22,000 megawatts (MW) of solar energy. 6,000 MW would come from rooftop solar power plants and 14,000 MW would come from solar parks. In accordance with the center, the government is also developing a green hydrogen policy. In this decade, the Asia-Pacific area is anticipated to experience the fastest growth worldwide.

AK Sharma, the state's energy minister, has given the go-ahead for officials to hasten the policy's formulation in order for the Cabinet to approve it more quickly. “The state's transition to a trillion- dollar economy will be significantly aided by the new and expanded energy industry. Work should be done to create industry-specific employment opportunities”, he said.

India's green hydrogen strategy provides 25 years of free interstate power transmission and cheaper renewable energy for projects that are completed before June 2025. Land at lower prices in energy parks and zones designated for nearby enterprises are among the incentives. By employing renewable energy to electrolyze water, green hydrogen can be created. Later, hydrogen and nitrogen can be mixed to create "green" ammonia, removing the need for planet-warming hydrocarbons. Green ammonia is used to produce fertilisers and store energy.

The global market for green hydrogen, which was anticipated to be worth USD 1.83 billion in 2021, is expected to reach approximately USD 90 billion by 2030, growing at a CAGR of 54% between 2021 and 2030, according to studies.

India's green hydrogen goal, which was unveiled in 2021, calls for a quick increase in production to turn the nation into a centre for green hydrogen. Anupam Shukla, Director, UP New and Renewable Energy Development Agency, reported that the state has already received investment bids of INR 185 billion in the industry. The state now intends to make proactive contact with both domestic and foreign firms in the sector. To entice private enterprises, the energy department will organise an investment meeting in January 2023.