India is expected to be the global manufacturing hub of green hydrogen and has also recently entered a Memorandum of Understanding (MOU) for its export, the Union Minister of New and Renewable Energy Pralhad Joshi said on Wednesday. He also said that the country is now looking at a renewable energy target of 1,800 gigawatt (GW) by 2047 instead of just 500 GW by 2030.
While addressing the 3rd Energy Transition Summit by Federation of Indian Chamber of Commerce (FICCI), the Union Minister said that as far as green hydrogen is concerned, India is leading from the front. He further said, “We have recently entered an MOU for the export of our green hydrogen. So whatever we have auctioned for green hydrogen, be it electrolyzer or the overall 4,12,000 million metric tonnes of manufactured green hydrogen, half of that has already entered an MOU for export.”
The Union Minister mentioned that India is not just looking at 500 GW by 2030 but instead eyeing a long-term target of 1,800 GW of renewable energy capacity by 2047 under the 'Viksit Bharat' vision. “We are not just looking at 2030 but aiming for 2047. So we are adding 50 GW new capacity annually,” Joshi stated.
The Government of India launched the National Green Hydrogen Mission in January 2023 with an outlay of Rs 17,940 crore.
Earlier this month, Prime Minister Narendra Modi laid the foundation stone of NTPC Green Energy Ltd's (NGEL) green hydrogen hub at Pudimadaka near Andhra Pradesh’s Visakhapatnam, marking the first green hydrogen hub to be set up in the country.
Talking about India's steady progress in the renewable energy front, the Union Minister mentioned his recent Germany visit where he said that the country is targeting 1 crore households as far as rooftop solar energy is concerned. “They were not able to believe it because some of the country's population is not more than 1 crore. On the other hand, India has already achieved 8.5 lakh installations under the flagship solar initiative, PM-Surya Ghar,” he added.
Even though initially the sector was not picking up, now bankers have also started financing, the Union Minister said. He further mentioned that Prime Minister Narendra Modi has insisted that PSU banks should support the renewables sector.
The Union Minister also said that under the leadership of PM Modi, the country has the stability as well as the ability to achieve the set targets. “With such stability, both political as well as policy wise, India is going to be the manufacturing hub,” the Minister added.
The Energy transition summit also witnessed the launch of a report on ‘Powering India's Energy Transition: Strategies to Accelerate Renewable Integration and Decarbonization', developed by FICCI and the Boston Consulting Group (BCG). While giving a brief on the report, Vishal Mehta, Managing Director & Partner, BCG, said, "Wind projects are becoming our most crucial asset class as India’s demand profile shifts towards evening and night slots. Our analysis shows that to achieve our 50 GW annual RE target, we require about ₹1.5-2 lakh crore in debt financing and ₹75,000-80,000 crore in equity annually."
He further said that the report provides recommendations to overcome execution challenges in the renewable energy sector and drive decarbonization.
In November 2024, the country reached a significant milestone in its renewable energy journey, with its total renewable energy capacity crossing 200 gigawatts (GW). The country has an ambitious renewable energy target of achieving 500 GW from non-fossil sources by 2030.
