Reduction in import duties on green hydrogen and enabling smooth supply of such green molecules from India to Rotterdam and Antwerp ports are a part of the ongoing free trade agreement (FTA) negotiations with the European Union (EU), SK Sarangi, secretary in the ministry of new and renewable energy, said on June 19.
Green molecules, which are a new class of sustainable fuels and chemicals produced from renewable energy sources and have a low carbon footprint, have figured prominently in the talks. India sees the EU as a sizeable market to export green hydrogen and green ammonia.
"India is in discussions with Europe, specifically the ports of Rotterdam and Antwerp, to ensure that green hydrogen and its derivatives exported to these countries are transported smoothly," Sarangi told reporters on the sidelines of an event. Rotterdam in the Netherlands is Europe's largest port and Antwerp is the biggest airport in neighbouring Belgium.
The India-EU Clean Energy and Climate Partnership (CECP) guides the energy and climate policy dialogue between the two sides and helps support joint projects and research.
Established in 2016, it promotes access to and dissemination of clean energy and climate-friendly technologies, while encouraging research and development of innovative solutions.
Prime Minister Narendra Modi on June 16 reiterated India’s commitment to finalising the long-awaited FTA with the EU by the end of 2025. “Last month, there was an agreement between India and the UK on an ambitious FTA. Now, we are committed to completing an FTA between India and the EU by the end of the year. Talks have picked up pace. Its benefits will be available to all of you," Modi said at a CEOs meeting in Cyprus during a visit.
The idea is to support the EU’s “Hydrogen Strategy” and India’s National Green Hydrogen Mission. Other areas of collaboration include activities in offshore wind energy, rooftop solar and solar parks, integration of renewable energy and storage, smart grids, biofuels and energy efficiency in buildings.
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!
