The Ministry of New and Renewable Energy (MNRE) has rolled out a scheme to promote the manufacturing of electrolyzers and green hydrogen in the country. MNRE Secretary Bhupinder Singh Bhalla said on Wednesday that to accomplish the target, the government will be offering Rs 1700 crore in incentives for seven years. Additionally, the country will require Rs 5.5 trillion in debt-based funds to produce 5 million metric tons (MMT) of green hydrogen per annum by 2030.
The official said that the ministry is in talks with the Department of Financial Services (DFS) (in the finance ministry) and the Insurance Regulatory and Development Authority of India (IRDAI) to engage private players and explore funding options, such as money and bond markets and international agencies for low-cost funds.
“The draft of the incentive scheme for electrolyzer manufacturing and part of the incentive scheme for the production of green hydrogen have been finalized and will be rolled out soon. The total incentives offered under the Hydrogen Mission are more than Rs 17,000 crore until the year 2030,” the MNRE Secretary said. He continued by saying that this would be implemented in phases, with the government learning from the first phase and evolving the second one. Moreover, the International Conference on Green Hydrogen will be held in New Delhi from July 5 to 7, 2023.
Ajay Yadav, Joint Secretary at MNRE, stated that the three-day conference will take place in Vigyan Bhawan next month, in about 25 sessions. The stakeholders will gather at the event to talk about cutting-edge technologies across the entire value chain for green hydrogen. The first conference on hydrogen in India will include about 1,500 delegates from India and overseas, including those from the US, EU, Japan, and other nations.
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