- Economy
- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Healthcare
- Banking & Finance
- Entrepreneurship
- Energy & Infra
- Case Study
- Video
- More
- Sustainability
- Web Exclusive
- Opinion
- Luxury
- Legal
- Property Review
- Cloud
- Blockchain
- Workplace
- Collaboration
- Developer
- Digital India
- Infrastructure
- Work Life Balance
- Test category by sumit
- Sports
- National
- World
- Entertainment
- Lifestyle
- Science
- Health
- Tech
Centre To Launch Rs 17,000 Cr Incentive Scheme For Green hydrogen
The Rs 17,000 crore incentive programme for the sector has two finalised draughts that would be released soon
Photo Credit : Shutterstock
Central government would be releasing the final drafts of the Rs 17,000 crore incentive programme for the green hydrogen sector soon. This was stated by Bhupinder Singh Bhalla, the secretary for new and renewable energy Government of India, on Wednesday. He added that India will need Rs 5.5 trillion in debt-based financing by 2030 to reach its goal of producing 5 MMT of green hydrogen annually.
In order to involve private players and explore funding options, such as money and bond markets and international agencies for low-cost funds, the ministry is in discussions with the department of financial services (DFS) (in the finance ministry) and the Insurance Regulatory and Development Authority of India (IRDAI), the official said.
The government will offer Rs 17,000 crore as incentives to promote manufacturing of electrolyzers and green hydrogen over the next seven years.
He further added, “The draft of the incentive scheme for electrolyzer manufacturing and part of the incentive scheme for production of green hydrogen have been finalised and will be rolled out soon. The incentives will be implemented in a phased manner, so that the government learns from the first tranche and evolves the second one accordingly.”
Based on a demand aggregation approach, incentives will be granted for the construction of green hydrogen production facilities as well as for consumption. Eletrolyzer incentive programme specifics are ready to be disclosed at any time, but green hydrogen incentive programme details will also be made public soon, he added.
“Electrolyzer production capacity in the world is very limited, this capacity has to come up in India. And for this, it is important that we learn and adopt the appropriate technology for electrolyzer manufacturing as well as for various individual components of the manufacturing process,” he said.
According to Bhalla, the green hydrogen opportunity is gaining a lot of traction in the sector, and roughly 48 projects on green hydrogen and green ammonia have been announced. This results in an annual generation of green hydrogen of about 3.5 MMT.