The cabinet of Prime Minister Narendra Modi gave its approval to the National Green Hydrogen Mission on Wednesday, intending to turn India into a global renewable-energy player.
"The cabinet approves the National Green Hydrogen Mission. The mission aims to make India a global hub for production, utilization and export of Green Hydrogen," India's Information and Broadcasting Minister Anurag Singh Thakur said.
According to the plan, the National Green Hydrogen Mission aims to produce 5Mln tons of green hydrogen by 2030. To achieve this, it will set up 60 to 100 GW of electrolyzer capacity.
"To make green hydrogen more widely available and affordably priced, the government plans to provide incentives worth $2.1 billion for the manufacturing of electrolyzers and the production of green hydrogen," the minister added.
The government has allocated $48Mln for research and development and $46.8Mln for other expenses. In total, the program is expected to add 125 GW of renewable energy capacity, reducing the country's reliance on fossil fuel imports and saving more than $12Bln a year.
Through the project, the government aims to create 600,000 new jobs and attract around $96Bln in total investments by 2030, as well as reducing CO2 emissions by 50 MMT per year by 2030.
India also aims to export approximately 10 percent of the total demand for green hydrogen by 2030. These goals are expected to help boost the country's economy and strengthen its position as a leader in the clean energy sector.