India approves $2.3bn green hydrogen plan

Government targets 5mn t/yr of production capacity by 2030

The Indian government has approved an INR197bn ($2.3bn) budget for its National Green Hydrogen Mission, with INR174.9bn allocated to incentives for domestic electrolyser manufacturing and hydrogen production. India is targeting installation of 5mn t/yr of green hydrogen capacity, with 125GW of additional renewables, by 2030. The government expects this to enable the abatement of nearly 50mn t/yr of CO₂ emissions from the country’s industrial, mobility and energy sectors by that year, as well as the cumulative reduction of INR1tn of fossil fuel imports. The country imported 85.6pc of its crude oil in the previous financial year amid declining production and rising demand but has set a target