Green Hydrogen's Global Surge: India's Export Focus and European Union's Carbon Border Adjustment Mechanism
Key Ideas
- India's National Green Hydrogen Mission, with a focus on exports, aims to drive green hydrogen derivatives demand globally, particularly in the shipping industry.
- Avaada Group chairperson Vineet Mittal anticipates a surge in green hydrogen derivatives offtake agreements due to the EU's Carbon Border Adjustment Mechanism.
- Despite challenges like higher costs compared to blue hydrogen, India remains optimistic about the future of green hydrogen and is engaging in purchase agreements with countries like Japan, South Korea, and the EU.
- Avaada Group has committed to developing 30 GW of renewable energy and 10 GW of solar module and cell manufacturing capacity, showcasing a strong dedication to renewable energy goals.
India's focus on green hydrogen and its derivatives is set to make a significant impact on the global market, driven by initiatives like the National Green Hydrogen Mission. Avaada Group's Vineet Mittal foresees a rise in demand for green hydrogen derivatives, especially in sectors like the shipping industry. The implementation of the Carbon Border Adjustment Mechanism in the EU is expected to further boost these agreements. Despite challenges such as cost disparities with blue hydrogen, there is a positive outlook on the future of green hydrogen. India's dialogue with key players like Japan, South Korea, and the EU highlights its commitment to fostering purchase agreements. Additionally, Avaada Group's substantial commitment to renewable energy and solar manufacturing underlines a strong dedication to renewable energy targets and signifies a pivotal role in the global green hydrogen movement.