India, with its ambitious targets for renewable energy capacity and a commitment to reducing carbon emissions, is emerging as a major player in the global green hydrogen market. Green hydrogen, a clean and sustainable fuel produced from renewable energy sources like solar and wind power, offers immense opportunities for India’s energy sector. Several Indian companies, including Reliance Industries, Adani Group, and Indian Oil Corporation, have already announced substantial investments in green hydrogen production.
Moreover, with many Indian listed companies entering this space, they have the potential to reward stakeholders due to higher growth and the government’s support in promoting its adoption. Reducing dependence on fossil fuel imports and driving sustainable development are among the many benefits that green hydrogen brings, making it a theme or trend worth watching.
INDIA’S RENEWABLE ENERGY POTENTIAL
India boasts a robust renewable energy sector, positioning it well to harness the benefits of green hydrogen. With abundant solar and wind resources, the country has the capacity to produce green hydrogen at a competitive cost. This aligns with India’s sustainability goals, including its Nationally Determined Contributions under the Paris Agreement and its target of achieving 450 GW of renewable energy capacity by 2030. By capitalizing on its renewable energy capabilities for green hydrogen production, India aims not only to address its energy sustainably but also to reduce air pollution and improve public health.
REDUCING FOSSIL FUEL IMPORTS AND ENHANCING ENERGY SECURITY
This story is from the July 2023 edition of Beyond Market.
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This story is from the July 2023 edition of Beyond Market.
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