Union Cabinet approves National Green Hydrogen Mission with investment of Rs 19,744 crore; details here

New Delhi: On Wednesday, 4 January, the Union Cabinet gave its seal of approval to the National Green Hydrogen Mission with a total outlay of Rs 19,744 crore. The goal is to establish India as a leading exporter in the field and as a hub for the production, utilisation, and export of green hydrogen and its derivatives on a worldwide scale. India, one of the top producers of greenhouse gases globally, will benefit from the development and be able to achieve net-zero carbon emissions by 2070, as per a Mint report. The government has allotted Rs 17,490 crore for the Strategic Interventions for Green Hydrogen Transition (SIGHT) program, Rs 1,466 crore for forthcoming pilot projects, Rs 400 crore for research and development, and Rs 388 crore for other mission components out of the overall investment for the mission. While explaining the follow-up of the mission, Union Minister Anurag Thakur noted, “The National Green Hydrogen Mission has been approved by the Union Cabinet, presided over by Prime Minister Narendra Modi.” On 15 August 2021, the National Hydrogen Mission was created with the objective of reducing carbon emissions and boosting the usage of renewable energy sources. Some major companies have shown their interest in green hydrogen. Big names like Reliance Industries, Indian Oil, NTPC, Adani Enterprises, JSW Energy, ReNew Power and Acme Solar are believed to have big plans to enter the sector and help India to achieve its goal. The Ministry of New and Renewable Energy (MNRE) will oversee the development of the instruction for implementing the project. The target is to accelerate the growth of green hydrogen production capacity of at least 5 MMT (Million Metric Tonnes) annually with an associated inclusion of roughly 125 GW of renewable energy capacity in the nation by 2030. The new facility would also reduce our dependence on foreign imports of fossil fuels, and the government hopes to cut fuel imports by more than Rs. 1 lakh crore through the mission. Furthermore, it is attempting to cut annual greenhouse gas emissions by 50 MMT in order to meet the Nationally Determined Contributions (NDC) targets. The centre plans to invest more than Rs 8 lakh crore in the mission and generate more than 6 lakh jobs by 2030. Moreover, the National Green Hydrogen Mission will aid in developing end-use industries and supply chains using pilot projects. Areas that can sustain large-scale hydrogen production and/or use will be located and established as Green Hydrogen Hubs. Read all the Latest News, Trending News,  Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.