India: Global Hub for Renewable Energy & Export

New Delhi, Sep 25 (PTI) The government is targeting to make India a global hub for production, utilisation, and export of green energy, Union Minister Pralhad Joshi said on Thursday.

The Minister for New and Renewable Energy made the remarks in a virtual address to the World Hydrogen India conference organised by S&P Global Commodity Insights in the national capital.

India has achieved the goal of having 50 per cent of installed electricity capacity from non-fossil resources five years ahead of schedule, Joshi said.

"This phenomenal growth in renewables has set the stage for our next target, making India a global hub for the production, utilisation, and export of green energy," he said.

India's total non-fossil fuel installed capacity stands approximately around 250 GW, the minister said.

On green hydrogen, Joshi said the government's Green Hydrogen Programme is moving from vision to action with incredible speed. A stable, predictable, and rewarding investment environment is being created to support this vision.

In 2023, the government launched the National Green Hydrogen Mission (NGHM) with an initial outlay of Rs 19,744 crore to produce 5 million metric tonnes by FY30.

Abhay Singh, Senior Analyst, Quantitative Analysis, S&P Global Commodity Insights, said, "Globally, hydrogen demand could grow up to 3.5 times current levels by 2060 in our Renaissance scenario, rising from 1.7 per cent of final energy demand today to potentially over 7 per cent."

"India too is expected to see hydrogen's share in final energy demand grow from 1.8 per cent today to beyond 3 per cent in the Renaissance scenario, with nearly 80 per cent of production potentially from green hydrogen. This evolution underscores India's balancing act, sustaining economic growth while driving decarbonisation.