ONGC and Greenko ZeroC signs MoU to make green hydrogen
In order to produce Green Hydrogen and collaboratively seek prospects in renewable energy and other derivatives of green hydrogen, Oil and Natural Gas Corporation (ONGC) and Greenko ZeroC have signed a Memorandum of Understanding (MoU).
According to the corporation, this MoU is in keeping with the government’s National Hydrogen Mission, which intends to turn the nation into a major source of environmentally friendly hydrogen. By 2030, India hopes to produce 5 million tonnes of renewable hydrogen annually.
According to the energy specialist, this MoU will help Indi achieve its goal of being a hub for green hydrogen.
In the presence of Union Minister of Petroleum and Natural Gas & Urban Affairs Hardeep Singh Puri, the two-year MoU was signed by Greenko CEO and Managing Director Anil Kumar Chalamalasetty and ONGC Director Onshore Anirag Sharma.
Greenko ZeroC
The government-backed company ONGC is not the first to enter the green hydrogen market. Indian Oil Corporation (IOC), a state-backed oil manufacturing corporation, engineering and construction giant L&T, and renewable energy provider ReNew announced the signing of a term sheet to establish a joint venture company to establish a green hydrogen business in India in April of this year.
Mansukh Mandaviya, the minister responsible for chemicals and fertilizers, asked business leaders to lower the cost and increase accessibility of green hydrogen production last month. He had claimed that India has excellent prospects in green hydrogen because of its advantageous location. We must expand our research and production capabilities and innovate in the design and manufacture of green hydrogen. The minister claimed that just the government could not alone meet the goal of green energy.
Furthermore, only yesterday at his speech to shareholders, Gautam Adani, Chairman of the Adani Group, remarked, “Our commitment of $70 billion in supporting India’s green transition is the best evidence which showcased our faith and belief in the future. We already rank among the top solar energy developers. He claimed that because of their strength in renewable energy, green hydrogen will become the preferred fuel in the future. The billionaire claimed that efforts are being made to transform overly dependent on oil India into a nation that might become a net exporter of green energy.
