EIB, ADB, World Bank have pledged upto $27 bn for India’s green energy sector: Puri

New Delhi: “The European Investment Bank (EIB) will be our Hydrogen ally and would support developing large-scale industry hub with a funding of 1 billion Euros. The Asian Development Bank (ADB) has recently conveyed their intent to provide $20–$25 billion over five years to aid India’s aspirations for green growth. That’s not all, The World Bank has approved $1.5 billion in financing to support India’s low-carbon transition journey,” said Minister for Petroleum and Natural Gas Hardeep Singh Puri. Addressing the valedictory session of the International Conference on Green Hydrogen-2023, Puri said that there is now a global consensus that we need to make a transition to renewable energy.

India has natural advantage in Green Hydrogen: Puri

The Petroleum Minister also said that India is 4th in terms of installed renewable energy capacity and has achieved some of the lowest long-term levelised costs for solar and wind power generation. “We have natural advantage in producing Green Hydrogen as we have abundance of solar energy and investments in our power grid. We have the apt climate, resources, adequate production and strong supply-chain for Green Hydrogen,” he said.

“India has embarked on a new journey and requires active support and collaboration amongst all the stakeholders and with the recent launch of National Green Hydrogen Mission, the Government means business,” he added.

Oil PSUs targeting to produce 1 MMT of Green Hydrogen by 2030: Puri

Terming PSUs as the major game changers for ensuring a smooth transition to a Green Hydrogen economy, the Petroleum Minister said, “The PSUs are focussed on ensuring a Hydrogen based economy. They have targeted to produce more than 1 MMT of Green Hydrogen by 2030. The global demand for hydrogen is expected to reach 200 million tons by the same time, basis the IEA report,” said Puri.

Talking about the importance of public and private players coming together for bringing the future fuel to the global platform, the Petroleum Minister said that several review meetings at the industry-level are regularly being undertaken for finding out ways to boost the hydrogen production capacity in India. “We will ensure uptake of Green Hydrogen in refineries and City Gas Distribution (CGD) through both public sector entities and private sector and try to design new projects with maximum chances of hydrogen deployment to strategically phase out fossil fuels and aid decarbonisation goals,” he said.

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