First subsidies approved for the development of the hydrogen economy.
India is one of the largest emitters of greenhouse gases and, compared with other countries, is in much less of a hurry to become CO2 neutral. This is not to be achieved until 2070, i.e. 20 years after the target set by the USA and Europe and still ten years later than China.
By contrast, the announcement to take a leading role worldwide in the field of green hydrogen, a forecast made by the Indian Minister for Petroleum and Natural Gas, Hardeep Singh Puri, in May of last year, sounds much more ambitious. This is to be made possible by the National Green Hydrogen Mission, for which the Indian cabinet approved the first funding yesterday, Wednesday.
The Indian newspaper The Hindu (paywall) writes that around two billion U.S. dollars will be made available to create incentives for the production of the energy carrier and the necessary electrolysers. The price of hydrogen produced in an environmentally friendly way will drop noticeably as a result, it says.
Investments of the equivalent of almost 97 billion U.S. dollars are planned for the development of the industry by 2030. The country hopes to become a major exporter of the gas and to create numerous jobs.