14 Mar 2023
Indian State Refiners to Produce Green Hydrogen with ReNew Power and ACME Solar
Indian state refiners will produce 30,800 tonnes per year of green hydrogen by 2030, according to Petroleum Minister Rameswar Teli. The government is pushing for the adoption of future fuels to reduce carbon emissions and has set a target of generating 450 GW of renewable energy by 2030.
Renewable energy companies such as ReNew Power and ACME Solar are expected to play a significant role in the development of the green hydrogen market. Green hydrogen is produced through the electrolysis of water using renewable energy, making it a carbon-neutral fuel.
Teli has said that India is well positioned to become a major player in the global hydrogen market, given its abundant renewable energy resources. The government has launched several initiatives to promote the use of hydrogen in various sectors, including transport, industry and power generation.
ReNew Power, one of India’s leading renewable energy companies, has already announced its plans to enter the green hydrogen market. The company is currently exploring opportunities to develop green hydrogen projects using its existing renewable energy assets.
ACME Solar, another leading renewable energy player in India, has also expressed interest in the green hydrogen market. The company is reportedly exploring partnerships with global players to develop green hydrogen projects in the country.
The development of the green hydrogen market is expected to create significant investment opportunities in India. The government has announced several incentives and tax breaks for companies investing in the sector.
The use of green hydrogen is also expected to contribute to the country’s carbon emissions reduction targets. Green hydrogen can be used as a fuel for transport, reducing the carbon footprint of the sector. It can also be used in the industry and power generation sectors to replace fossil fuels.
India’s transition to green hydrogen is expected to be a gradual process. However, the government’s commitment to the sector, coupled with the involvement of leading renewable energy players, suggests a promising future for the fuel in the country.
In conclusion, the development of the green hydrogen market in India is gaining momentum with the support of the government and leading renewable energy companies such as ReNew Power and ACME Solar. As the world shifts towards a more sustainable future, the use of green hydrogen is expected to become increasingly prevalent as a carbon-neutral fuel.