“The PSUs are focussed on ensuring a Hydrogen based economy. They have targeted to produce more than 1 MMT of Green Hydrogen by 2030. The global demand for hydrogen is expected to reach 200 million tons by the same time, basis the IEA report,” added Puri.

The three-day conference, organized by the ministry of new and renewable energy in collaboration with the ministry of petroleum and natural gas, council of scientific and industrial research, office of the principal scientific advisor to the government of India, and the confederation of Indian industry, aimed to foster discussions on Green Hydrogen Production and align with global advancements in technology, applications, policy, and regulation.

Puri emphasized the urgent need to transition to renewable energy and commended India’s position as the fourth-largest country in terms of installed renewable energy capacity. He cited the country’s abundance of solar energy, investments in the power grid, suitable climate, and strong supply chain as key advantages for green hydrogen production.

The petroleum minister also said that several review meetings at Industry level are regularly being undertaken for finding out ways to boost the hydrogen production capacity in India.

“We will ensure uptake of green hydrogen in refineries and city gas distribution (CGD) through both public sector entities and private sector and try to design new projects with maximum chances of hydrogen deployment to strategically phase out fossil fuels and aid decarbonization goals.”

Puri underscored India’s potential in clean and renewable energy sector, emphasizing the keen interest of leading financial institutions in investing in the country. He announced that the European Investment Bank (EIB) has committed 1 billion euros to support the development of a large-scale hydrogen industry hub, while the Asian Development Bank (ADB) has expressed its intent to provide $20 billion to $25 billion over five years to aid India’s green growth aspirations. The World Bank has also approved $1.5 billion in financing to support India’s low-carbon transition.

Updated: 07 Jul 2023, 05:39 PM IST