In her Budget speech on February 1, Finance Minister Nirmala Sitharaman said that the recently launched national Green Hydrogen Mission with an outlay of Rs 19,700 crore will facilitate transition of the economy to low-carbon intensity and reduce dependency on fossil fuel imports.
"Our target is to reach an annual production of 5 MMT by 2030. This Budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security by the Ministry of petroleum and natural gas," the FM said.
Also Read: MC Explains: What is National Green Hydrogen Mission and what is India’s policy?
"We are implementing many programmes for green growth across various economic sectors… They will help reduce carbon intensity and create green jobs".
Also Read:Economic Survey 2023: Auto sector to play a critical role in India's shift to green energy
The Green Hydrogen Mission states that India will develop green hydrogen production capacity of at least 5 million tonnes (MT) per annum with an associated renewable energy capacity addition of about 125 gigawatts (GW) in the country by 2030.
Also Read:Budget 2023: For green economy surge, India needs supply and demand side interventions
This will entail over Rs 8 lakh crore of total investments and is expected to lead to a cumulative reduction in fossil fuel imports by over Rs 1 lakh crore and an abatement of nearly 50 MT of annual greenhouse gas emissions.
Of the Rs 19,744 crore outlay announced by India on January 4, around Rs 17,490 crore will be towards incentives for the production of green hydrogen and the manufacturing of electrolysers.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
