At the Economic Times Global Business Summit, Stefan Kaufmann noted that India, which is ideally located halfway between Germany and Australia, may contribute to the European Union’s green hydrogen supply chain. The term “green hydrogen” refers to climate-neutral hydrogen produced using renewable energy sources like solar and wind.
According to Kaufmann, a former German hydrogen commissioner and advisor to ThyssenKrupp, even though Europe aims to produce about 100 GW of green hydrogen by 2030, the continent will soon need to import more green hydrogen than it is exporting.
Because of this, he continued, “we must look outside of Europe, in those parts of the world that are rich in wind and solar power.”
A hydrogen potential atlas for 31 nations in western Africa has already been created, according to Kaufmann, and the German government has also signed a strategic cooperation agreement with Australia. To build a supply chain for green hydrogen over large distances, key legislative, technological, and economic challenges must be resolved, according to Germany’s hydrogen supply feasibility study with Australia. India fits in nicely there, he claimed.
“The fact that the expenses of transporting hydrogen are almost trivial in light of the favorable production conditions in areas with an abundance of sun and wind, like India, is a key message that inspires confidence. We discuss transportation expenses that are less than 10% of the final price of the hydrogen “explained he.
He continued, “India’s establishing itself in the Australia-to-European green hydrogen value chain pays in brilliantly to the Indo-Pacific cooperation plan of the EU, published in 2021
As part of its national green hydrogen goal, the Indian government aims to produce 5 million tonnes of hydrogen annually by 2030. However, Kaufmann highlighted a potential problem for India going forward: Will you export green hydrogen or use it to reduce carbon emissions in your nation?
Without a doubt, the world has been heading towards hydrogen, as shown by significant global investment figures. In total, 680 significant hydrogen projects totaling $240 billion in investment by 2030 have been announced, 10% of which are currently being built or running. There are many more such projects in the works, which might make hydrogen the dominant economy in the years to come.
Source: The Economic Times