Das says the sector’s progress will rely on serious and committed developers
Indian Renewable Energy Development Agency (IREDA) is committed to finance the entire value chain of Green Hydrogen sector, while the government can extend handholding and support to the emerging Green Hydrogen sector only in the infancy stage.
“Once the sector becomes stable, stakeholders should not expect continued handholding, and the market should be allowed for a fair competition,” IREDA CMD Pradip Kumar Das told delegates at the “Green Hydrogen Convention 2023” on 5 Aug 2023 in Bhubaneshwar.
“Ultimately, the progress of the sector will rely on serious and committed developers with a genuine interest in taking it forward,” he stressed at the convention organized by the Government of Odisha and CII Eastern Region.
The CMD said that policy makers, regulators, bankers, and developers must collaborate effectively to achieve ambitious targets set by India, of achieving 500 GW power from non-fossil sources by the year 2030, of becoming a US$5 trillion economy by 2027, a Developed Economy by 2047, and of achieving Net Zero emissions by 2070.
Speaking of the green hydrogen sector in Odisha, Das emphasized that Odisha already has a substantial capacity for producing Steel, Aluminum, Cement, and Fertilizers.
“The state has existing Hydrogen infrastructure in these sectors, and the transition from Grey Ammonia to Green Ammonia is the next step needed,” he said.
“With a well-established market for conversion, new manufacturing sectors like electrolysers, etc. are likely to emerge. Leveraging its three Special Economic Zones (SEZs) and three major ports, Odisha is in an ideal position to develop a robust manufacturing base for Green Hydrogen and capitalize on significant export opportunities.”
He highlighted that just as IREDA previously demonstrated its pioneering role in making new and emerging renewable energy technologies bankable, the company is now well-prepared to play a crucial role in fulfilling the substantial financial needs of the Green Hydrogen sector.
The CMD said that IREDA aims to enhance the financial viability of Green Hydrogen and Green Ammonia projects, making them attractive to potential investors. Fiinews.com
