On the 75th anniversary of India’s Independence, Prime Minister Narendra Modi presented an infrastructure development and economic recovery plan that emphasised ambitious hydrogen development.
The country’s infrastructure plan, called Gati Shakti, will include Rs 100 lakh crore ($1.35 trillion) worth of infrastructure schemes designed to generate employment opportunities, improve industrial productivity and make manufacturing globally competitive.
A key part of the plan is the National Hydrogen Mission, which aims to drive India’s renewable hydrogen economy, lessen energy imports and decrease the use of fossil fuels.
Prime Minister Modi stressed the need for energy independence, stating that India needs to become a global hub for green hydrogen production and exports. The country imports 85% of its oil and 53% of its gas demand and according to Modi, in order for India to progress and become self-reliant, it is important to become energy-independent.
Modi said: “This will not only help India to make new progress in the field of energy self-reliance but will also become a new inspiration for clean energy transition all over the world. New opportunities from green growth to the green job are opening up today for our start-ups and youth,” reported news sources.
According to a recent report from The Energy and Resources Institute (TERI), hydrogen has massive potential in India’s energy market, with costs of green hydrogen starting to compete with fossil fuel-derived hydrogen latest by 2030.
In order to encourage the growth of the hydrogen economy, India’s Union Minister of Power and Renewable Energy, Shri RK Singh, hosted a meeting with the Rt Hon Alok Sharma, COP26 President, to discuss ways to drive energy transition, phase out fossil fuels and promote collaboration.
Sharma expressed the UK’s willingness to partner with India on green hydrogen and both sides committed to establishing a World Bank for Green Energy, which would materialise the $100 billion climate finance pledged by the developed countries under the Paris Agreement.
To date, India has retired 16,369MW of inefficient thermal units.