IREDA CMD advocates collaboration for India's ambitious Green Hydrogen targets

In line with the Govt's vision as outlined in the National Green Hydrogen Mission, IREDA CMD reaffirmed company's untiring commitment to financing entire value chain of Green Hydrogen sector
IREDA CMD advocates collaboration for India's ambitious Green Hydrogen targets
IREDA CMD advocates collaboration for India's ambitious Green Hydrogen targets

New Delhi: Indian Renewable Energy Development Agency's (IREDA) Chairman and Managing Director (CMD) Pradip Kumar Das graced inaugural session of the “Green Hydrogen Convention 2023” with his special address, held on Saturday in Bhubaneshwar, Odisha. Hemant Sharma, Principal Secretary of the Industries Department, Govt. of Odisha and Manoj Kumar Upadhyay, Deputy Adviser-Energy from NITI Aayog, also shared their valuable insights in the convention, organised by the Govt. of Odisha and CII Eastern Region.

In line with the Government of India's vision as outlined in the National Green Hydrogen Mission, CMD reaffirmed IREDA's untiring commitment to financing the entire value chain of Green Hydrogen sector. He underlined that Govt. can extend the handholding and support to the emerging Green Hydrogen sector only at infancy stage. However, once the sector becomes stable, stakeholders should not expect continued handholding, and the market should be allowed for a fair competition. Ultimately, the sector's progress will rely on serious and committed developers with a genuine interest in taking it forward.

The policy makers, regulators, bankers, and developers must collaborate effectively to achieve ambitious targets of 500 GW from non-fossil sources by 2030, a $5 trillion economy by 2027, a developed economy status by 2047, and net-zero emissions by 2070.

Das emphasized that Odisha is already having a substantial capacity for steel, aluminum, cement, and fertilizer production. The state has an existing Hydrogen infrastructure in these sectors and the transition from grey ammonia to green ammonia is the next step needed. With a well-established market for conversion, new manufacturing sectors like electrolysers, etc. are likely to emerge. Leveraging its three special economic zones (SEZ) and three major ports, Odisha is in an ideal position to develop a robust manufacturing base for Green Hydrogen and capitalize on significant export opportunities.

CMD expressed confidence that, just as IREDA previously demonstrated its pioneering role in making new and emerging renewable energy technologies bankable, the company is now well-prepared to play a crucial position in fulfilling the substantial financial needs of the Green Hydrogen sector. We aim to enhance the financial viability of Green Hydrogen and Green Ammonia projects, making them attractive to potential investors.

The audience at the convention, consisting of industry leaders, experts, policy-makers, and other distinguished attendees responded overwhelmingly to CMD, IREDA’s address, affirming the importance of advancing green energy initiatives in the country.

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