‘India’s green hydrogen plan will need ₹30 tn funding by 30’

NEW DELHI : India is in the process of finalizing the roadmap to a “green hydrogen economy» which will require an investment of 30 trillion by 2030, said Vivek Kumar Dewangan, chairman and managing director, REC.

The country’s green hydrogen plans would play a major role in achieving its goal of net zero emissions and becoming a developed nation by 2047.

“India has launched green hydrogen project. Now, we are in the progress of finalizing a roadmap for becoming green hydrogen economy which would require 15 trillion and another 15 trillion is required to meet our middle-term goal by 2030. So in all, these initiatives would require an investment of 30 trillion by 2030,» Dewangan said.

He was speaking at a panel discussion on new and old energy sources in turbulent times at Mint Energyscape 2022.

He, however, noted that in terms of per capita consumption of electricity and per capita carbon emission, India was far behind the world average.

“Our per capita emission is likely to increase and by 2070, India has to become net zero. We have about 48 years to become net zero. Our energy peak is yet to happen and we have to reach this peak of energy consumption as well as peak of carbon emission,“ Dewangan said.

Andre Aranha de Lago, Brazil’s Ambassador to India said energy transition is a “gigantic» challenge for India as its first obligation as a country is to ensure energy availability for its population. He, however, said that he is confident India with its “clear intent» would be able to achieve its climate goals.

“You have to bring to your population an increase in the quality of life. India… is going to be the third largest economy in the world soon. India now has choice and the choices have been made, they are very clear about that. The world is watching India and there is no doubt about it but I think India will continue to surprise,» he said.

Neeraj Menon, Partner and Head — Energy, Infrastructure and Natural Resources Practice at Trilegal said although India has set ambitious targets for energy transition, the traditional sources of energy—fossil fuels, including coal—will continue to be a significant part of the energy mix for the next few years.

“I don’t see renewable ene-rgy capacity exceeding 40% of our energy mix by 2030. Next 15-20 years, we will see a phase-out. Clearly, it has to be a symbiotic relationship. It has to work together…carbon capture, CCU all these will come in but they will have to stay along base load,» Menon said.

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