Union Budget 2021, which was announced on Monday laid significant emphasis over the launch of a green hydrogen project and is being visualized as a game changing initiative by the analysts. The government for developing a green economy has allocated INR 15000 million to the Indian Renewable Energy Development Agency (IREDA) and the National Hydrogen Mission.
The launch of Green Hydrogen Mission in 2021-22 for the generation of Hydrogen from Green Resources could viably serve in reducing India’s carbon footprints in the coming years. The technology for the mission will be based on the process of electrolysis provided that the electricity produced is via a clean source.
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Proposed Hydrogen Energy Mission is a critical step as till date it is the only feasible way to achieve zero carbon emissions from steel and cement industries by retrofitting the existing fuel technology with hydrogen for process heat requirements. Supporting the initiative, Director of Climate Trends stated that the step towards establishing a green Hydrogen economy is welcomed. As the Budget 2021 emphasized on rebuilding India, it is in line with the present global trend on implementing a shift to green energy alternatives.
India has established an ambiguous target for reaching a capacity of 175 GW of renewable energy by 2022. Even though the dilemma over commercial viability over Hydrogen Technologies still persists across the globe but currently it is being considered as the most feasible source that could lead to zero carbon emissions in the coming years. Since countries like Germany and Australia have already taken viable steps toward the vision and are heard of progressing at a promising pace, the announcement by the government is being considered as the need of the hour.
The initiative for Green Hydrogen is clearly a foresight project that could drive the vision of a green and efficient energy solution in India. As per ChemAnalyst, “If the project is implemented as it is articulated in the budget, it has the potential for establishing India as one of the leaders in the development and trading of green technology across the world.”
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