UP Unveils Rs 5,000 Cr Package For Green Hydrogen Production; Aims For 1 Million Tonnes Annually

ENA State 2024-03-12 14:21:29 Lucknow, Mar 12 (KNN) The Uttar Pradesh (UP) government has approved a Rs 5,000 crore incentive and financial support package to accelerate the production of green hydrogen across industrial, petrochemical, and transportation sectors. Under the newly introduced UP Green Hydrogen Policy 2024, the state aims to annually produce 1 million tonnes (mt) of green hydrogen by 2028, potentially creating 120,000 job opportunities. Recently sanctioned by the Yogi Adityanath Cabinet, this policy also extends support to start-ups engaged in green hydrogen research and production, offering Rs 25 lakh financial aid per start-up annually for five years. The overarching goal is to mitigate carbon emissions and contribute to India's 'net-zero' commitment by 2070. Currently reliant on carbon-emitting grey hydrogen derived from natural gas or methane, UP's fertiliser and petrochemical industries are transitioning to green hydrogen as a cleaner alternative. This shift aligns with global efforts towards sustainable energy practices. Union Petroleum and Natural Gas Minister Hardeep Singh Puri praised UP's initiative during the inauguration of an Indian Oil compressed biogas (CBG) plant in Gorakhpur on March 8. With an estimated annual hydrogen demand of 900,000 tonnes in the fertiliser and refinery sectors, the state is strategically positioning itself as a leader in green hydrogen production. Green hydrogen, generated through electrolysis of water using renewable energy sources, holds promise for carbon-free energy solutions. Its versatility extends to the production of 'green' ammonia, a crucial component in energy storage and fertiliser manufacturing, bypassing the use of hydrocarbons and reducing environmental impact. At the UP Global Investors Summit (GIS) 2023, the state attracted nearly Rs 2.70 trillion in green hydrogen investment proposals from approximately 20 companies. Furthermore, to facilitate these projects, UP offers government lands on a 30-year lease period, with rates set at Rs 1 per acre per year for public sector entities and Rs 15,000 per acre per year for private investors. Green hydrogen projects will receive expedited environmental clearances under the 'white category.' The global green hydrogen market, currently valued at USD 1.83 billion, is projected to soar to USD 90 billion by 2030, with a compound annual growth rate of 54 per cent during 2021-2030, particularly driven by growth in the Asia-Pacific region. (KNN Bureau) 37008 https://knnindia.co.in/news/newsdetails/state/up-unveils-rs-5000-cr-package-for-green-hydrogen-production-aims-for-1-million-tonnes-annually 2024-03-12 14:21:29 knnindia.co.in UP Unveils Rs 5,000 Cr Package For Green Hydrogen Production; Aims For 1 Million Tonnes Annually