As energy transition investments take shape across the world, India is also positioning itself as a major player in the export market. Its major area of interest is tapping the opportunities that exist in the domestic green hydrogen. With the help of the International Renewable Energy Agency, India hopes to soon join the fast-growing list of countries and companies that are investing in cost-effective decarbonization projects across different parts of the world.
Irena (India’s partner) has already confirmed the intention and expressed its readiness to collaborate in executing the plan successfully. On the weekend of 15th January 2022, India’s Ministry of New and Renewable Energy signed a strategic partnership with Irena. The move will see the partnership kick-off immediately and if things go well, the project might, indeed, soon come up with some clean/renewable energy technologies that will boost India’s transition from fossil fuels to green hydrogen.
Confirming the agreement, Irena also expressed its hope that the agency will also boost India’s activities in exploring the seemingly promising domestic green hydrogen. To fast-track the process and create a favorable environment, Indian Prime minister Narendra Modi recently launched his country’s hydrogen mission. During the event, he called for partners and like-minded players within and even outside to join hands in making India a global hub for renewable green hydrogen. His interest is the promotion of both production and export within the coming years.
In the partnership that’s now ongoing, Irena will play a facilitative role. More precisely, it will facilitate India’s national energy planning, assist in achieving the set development targets, reduction of oil imports, reliable supply of electricity, and in the housing sector among other areas. “We hope…to draw on the expertise of Irena in renewable energy…and make a feasible strategic partnership,” said India’s MNRE secretary, Indu Shekhar Chaturvedi, immediately after signing the agreement with Irena.
Apart from venturing into the green hydrogen sector, India is also making great advancements in other areas of renewable energy. It claims to be running one of the world’s largest energy renewables. But that’s not all! It seeks to expand it to attain 175 gigawatts of renewable energy by the end of 2022. Most of its additional capacity will come from 100GW of solar panels. Also, the extra capacity will be added by 60GW of wind. Hydropower stations will contribute the remaining proportion. With such a capacity, India will undoubtedly be among the top players in the renewable energy market globally.
“India’s renewable energy transition is one of the most vibrant in the world,” said Francesco La Camera, Irena’s director-general. So, with the new partnership, there will be notable advancements that will put India in a good position of becoming a large exporter of not only green hydrogen, but also a wide range of other renewable energy products and technologies. It is also worth noting that India has made significant developments concerning offshore wind power. With these, the stage is already set and there will be many interesting developments to watch in the coming days.
