New Delhi: The National Green Hydrogen Mission, which aims to produce 5 million tonnes of green hydrogen annually by 2030, received approval from the Union Cabinet on Wednesday with an allocation of Rs. 19,744 crore.
Out of the total allocation, the Center will offer incentives of Rs. 17,490 crore for the manufacture of electrolyzers and green hydrogen over a five-year period.
The initial outlay for the Mission will be Rs19,744 cr, including an outlay of Rs17,490 cre for the SIGHT programme, Rs.1,466 cr for pilot projects, Rs400 crore for Research and development, and Rs388 cre towards other Mission components," the official statement read.
By 2030, it calls for an investment of more than Rs. 8 lakh crore and the creation of more than 6 lakh jobs. By 2030, it will also reduce fossil fuel imports by more by Rs 1 lakh crore and reduce yearly greenhouse gas emissions by almost 50 MMT.
According to an official statement, the Mission will have wide-ranging advantages, including the opening up of export markets for green hydrogen and its derivatives, the decarbonization of the industrial, mobility, and energy sectors, the reduction of reliance on imported fossil fuels and feedstock, the improvement of domestic manufacturing capabilities, the creation of job opportunities, and the advancement of state-of-art technologies.
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