India to Allocate Viability Gap Funding for 3,000 MW Annual Electrolyser Manufacturing Capacity

ENA Sectors 2024-12-12 16:22:12 New Delhi, Dec 12 (KNN) In a significant push towards green energy transition, the Indian government is set to provide viability gap funding for electrolyser manufacturing with a capacity of 3,000 MW per annum. This initiative is part of Indias broader efforts to promote green hydrogen production and reduce dependence on fossil fuels. Minister of State for New & Renewable Energy, Shripad Yesso Naik, made the announcement in Parliament on Tuesday, emphasizing the countrys commitment to clean energy. This funding is pivotal for Indias ambitious National Green Hydrogen Mission, which was launched in January 2023 with an initial outlay of Rs 19,744 crore. The mission aims to establish a green hydrogen production capacity of at least 5 million metric tons (MMT) per annum. Additionally, the country plans to add about 125 GW of renewable energy capacity to meet its energy demands sustainably. The National Green Hydrogen Mission is designed to catalyze investments in the green hydrogen sector, with expectations of attracting over Rs 8 lakh crore in total investments. The initiative will also generate over six lakh jobs and significantly reduce fossil fuel imports by over Rs 1 lakh crore. In addition to these economic benefits, the mission is projected to abate nearly 50 MMT of greenhouse gas emissions annually. As part of the mission, the government has introduced the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT). This program offers two distinct financial incentives: one for domestic electrolyser manufacturing and the other for green hydrogen production. Furthermore, pilot projects will be supported in emerging end-use sectors, and regions with high potential for hydrogen production will be developed as Green Hydrogen Hubs. India is also on track to meet its climate commitments, with a target of achieving 500 GW of non-fossil electricity capacity by 2030. As of October 31, 2024, the country has installed 211.40 GW of non-fossil power capacity, making significant strides towards a sustainable energy future. (KNN Bureau) 40230 https://knnindia.co.in/news/newsdetails/sectors/india-to-allocate-viability-gap-funding-for-3000-mw-annual-electrolyser-manufacturing-capacity 2024-12-12 16:22:12 knnindia.co.in India to Allocate Viability Gap Funding for 3,000 MW Annual Electrolyser Manufacturing Capacity