Puri updates Delhi conference delegates on EIB Euro1bn and ADB $20-$25bn support
India has embarked on a new journey and requires active support and collaboration amongst all the stakeholders and with the recent launch of National Green Hydrogen Mission, supported by international project financing agencies.
“The European Investment Bank (EIB) will be our Hydrogen ally and would support for developing large scale Industry hub with a funding of Euro1 billion. The Asian Development Bank (ADB) has recently conveyed their intent to provide US$20–US$25 billion over five years to aid India’s aspirations for green growth.
“That’s not all, The World Bank has approved US$1.5 billion in Financing to Support India’s Low-Carbon transition journey,” Puri told delegates at the 3-day International Conference on Green Hydrogen (ICGH-2023) held 5-7 July 2023 in New Delhi.
“We have natural advantage in producing Green Hydrogen as we have abundance of solar energy and investments in our power grid. We have the apt climate, resources, adequate production and strong supply-chain for Green Hydrogen,” he told delegates.
He highlighted the immense potential India beholds for the world in the domain of clean and renewable energy, and stressed that India is climatically blessed and with the government’s unwavering commitment for making the world a better place to live, the leading financial institutions have shown keen interest to invest in India.
Talking about the importance of Public and Private Players coming together for bringing the future fuel on the global platform, the Minister informed that several review meetings at Industry level are regularly being undertaken for finding out ways to boost the hydrogen production capacity in India.
“We will ensure uptake of Green Hydrogen in refineries and City Gas Distribution (CGD) through both public sector entities and private sector and try to design new projects with maximum chances of hydrogen deployment to strategically phase out fossil fuels and aid decarbonization goals.”
Terming PSUs as the major game changers for ensuring a smooth Green Hydrogen Economy transition, Puri said, “The PSUs are focussed on ensuring a Hydrogen based economy. They have targeted to produce more than 1 MMT of Green Hydrogen by 2030. The global demand for hydrogen is expected to reach 200 million tons by the same time, basis the IEA report.”
Puri also expressed optimism that green hydrogen, along with other green fuels, could turn India’s current US$200 billion energy import bill into a US$300 billion export advantage in the future.
The conference was attended by 1,500 industry stakeholderes led by the industry captains, deleberating at the 25 expert sessions.
It is organised under the aegis of Ministry of New and Renewable Energy, in partnership with the Ministry of Petroleum and Natural Gas, Council of Scientific and Industrial Research, Office of Principal Scientific Advisor to Government of India and the Confederation of Indian Industry. Fiinews.com
