The Union Cabinet on Wednesday approved the National Green Hydrogen Mission with an allocation of ₹19,744 crore, aimed at producing 5 million tonne of green hydrogen annually by 2030.
Out of the total allocation, the Centre would provide incentives worth ₹17,490 crore for production of both electrolysers and green hydrogen for five years. The other outlays are ₹1,466 crore for pilot projects, ₹400 crore for R&D, and ₹388 crore towards other Mission components, said an official statement. The Ministry of New and Renewable Energy (MNRE) will formulate the scheme guidelines for implementation of the respective components.
The government expects the mission to attract investments worth ₹8 trillion by 2030 and create 6 lakh jobs. Union Minister for Information and Broadcasting Anurag Thakur said that the mission would also result in reduction in greenhouse gas emission by nearly 50 million tonne annually and save India ₹1 trillion in its fossil fuel imports.
The mission is aimed at making India a hub for both manufacturing and exports of green hydrogen. It will have wide-ranging benefits apart from creation of export opportunities for green hydrogen and its derivatives, such as decarbonisation of industrial, mobility and energy sectors, reduction in dependence on imported fossil fuels and feedstock, development of indigenous manufacturing capabilities, job creation and development of cutting-edge technologies.