Government to Promote Green Hydrogen Exports and Carbon Credits, Says Union Minister RK Singh
Union Power Minister has unveiled a game-changing plan to explore the inclusion of carbon credits for the export of Green Hydrogen and Ammonia. This pivotal announcement was made during a Special Ministerial Session at 4th International Conference & Exhibition on Clean Energy in New Delhi.
September 16, 2023. By EI News Network
Minister Singh highlighted India's growing emphasis on Green Hydrogen, affirming that its cost would be the most competitive in the nation, positioning it as an attractive energy storage alternative. He underlined the remarkable cost competitiveness of Green Hydrogen compared to traditional gas and battery energy storage systems, indicating a potential game-changer in the energy sector.
"The cost of Green Hydrogen would be the cheapest in India, and it will emerge as a viable energy storage alternative," Minister Singh declared, addressing the gathering. He stressed that this shift towards Green Hydrogen as a storage solution could significantly address supply chain challenges, paving the way for a more sustainable energy landscape.
One of the key points in Minister Singh's address was the goal of achieving round-the-clock (RTC) renewable energy at an impressive cost of INR 6 per unit. He explained, “We need energy demand as fast as possible to meet this demand. We will make the electricity required for our growth. If our price for round-the-clock renewable energy is anything to go by, then we will not have to go the thermal way, we will adopt the renewable path. About 42% of our capacity is from renewable sources already.”
Furthermore, Union Minister Singh emphasized India's role as a burgeoning exporter of solar cells and modules, with continuous expansion of grid capacity to support the growing renewable energy sector.
Highlighting India's remarkable progress in renewable energy infrastructure, Union Minister Singh revealed that the nation has 88,000 MW of renewable energy projects under construction and an additional 50,000 MW of renewable energy capacity in the annual expansion plans. This dedication to staying at the forefront of technological advancements is the cornerstone of India's leadership position in the global renewable energy landscape.
Besides, he also provided an update on the National Green Hydrogen Mission, stating that 5.8 million tons of green hydrogen production capacity is in progress, marking a substantial step towards a sustainable and green energy future.
The inclusion of carbon credits for exported Green Hydrogen and Ammonia represents a pivotal development in India's commitment to reducing carbon emissions, fostering renewable energy adoption, and promoting its role as a global leader in sustainable energy solutions.
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