India has approved a comprehensive $2bn incentive plan to boost its green hydrogen development, mirroring measures taken in the United States and Europe.
Under the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT), two distinct financial incentive mechanisms – targeting domestic manufacturing of electrolysers and production of green hydrogen – will be introduced in a bid to cut carbon emissions and drive exports.
India had previously announced it aims to produce 5m tonnes of green hydrogen per year by 2030, but under the new incentives, the government aims to bring down green hydrogen’s production cost, currently at 300 rupees to 400 rupees per kg, further to accelerate its development, and save 50m MT of CO2 emissions a year.
India plans to build electrolyser capacity of 60-100GW to help produce green hydrogen, according to Minister Anurag Thakur.
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