India has approved an incentive plan of $2.11 billion to promote green hydrogen in a bid to cut emissions and become a major exporter in the field.
The move is targeted to help India, one of the world's biggest greenhouse gas emitters, achieve net-zero carbon emissions by 2070.
The country aims for annual production of 5 million tonnes of green hydrogen by 2030, cutting about 50 million tonnes of carbon emissions and saving one trillion rupees on fossil fuel imports.
Hydrogen, made by splitting water with an electrical process called electrolysis, can be used as a fuel. If the devices that do that, electrolysers, are powered by renewable energy, the product is called green hydrogen.
India also plans to build electrolyser capacity of 60 gigawatts to 100 gigawatts to help produce green hydrogen.
Image: The Economic Times