India will become a major green hydrogen hub in all aspects – production, consumption and exports – by 2040, said petroleum and natural gas minister Hardeep Singh Puri at a CII event.
“By 2040, India will be a major green hydrogen hub with demand, production, and consumption all in India, including major exporting of green ammonia and others. I am very bullish on these next 15 years,” the oil minister said.
The government, in its Budget for FY24, announced Rs 197 billion under production linked incentive (PLI) scheme to promote green hydrogen. “The PLI amount is just a catalyst. There is no dearth of resources. Money is coming in green hydrogen. India will be in the forefront of advancements in green hydrogen and not a follower,” he said.
Considering the energy requirement of a growing India, he said that while the exploration and production (E&P) activities will go up exponentially, increased affordability and spending power will make green transition even faster.
Puri called on the industry people attending the two-day annual event of the Confederation of Indian Industry (CII) to make their investment decisions based on the forecast that 25% of the global demand in the next 20 years till 2045 will come from India.
“This growth will take place, transition to green energy will take place and that is the real story which is unfolding,” he said, adding that while global increase in demand per capita is 1%, growth in India is thrice that much.
