India's Green Hydrogen Mission: Budget 2024's Key to Sustainable Growth
Key Ideas
  • India's Budget 2024 emphasizes the importance of green hydrogen in achieving sustainable economic growth and energy security.
  • The National Green Hydrogen Mission, initiated in January 2023, aims to attract significant investments, create jobs, and reduce carbon emissions through the development of a green hydrogen ecosystem.
  • Key players in the industry, including both government and private entities, are actively participating in the growth of the hydrogen sector, with plans for operational manufacturing units by 2025.
  • While progress has been made, industry experts highlight the need for further work in areas such as standards, regulations, and governance to ensure the successful implementation of green hydrogen projects at both central and state levels.
India's Budget 2024 continues to prioritize sustainability through clean energy, with a particular focus on green hydrogen. The finance minister highlighted the importance of promoting non-fossil fuels for energy security. The Green Hydrogen economy has emerged as a critical factor in India's development strategies, with PM Modi endorsing the High-level Principles on Hydrogen. The National Green Hydrogen Mission, approved in January 2023, sets ambitious goals for green hydrogen production capacity and renewable energy capacity by 2030. The mission aims to attract substantial investments, create jobs, and reduce carbon emissions significantly. Companies awarded bids for electrolyser manufacturing under the PLI scheme are set to commission their units ahead of schedule. Despite progress, experts stress the need for further work on standards and governance for successful project implementation. The Budget for 2024-25 has increased the allocation for the Green Hydrogen Mission, reflecting the government's commitment to sustainable growth.
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