According to the Indian minister of petroleum and natural gas, Hardeep Singh Puri, India is bound to become the worldwide hub for the commodity as it transitions to cleaner forms of energy a few days after the country declared the National Green Hydrogen Mission.
“India will become the world’s center for green hydrogen. Given what the private sector has already accomplished in moving forward with green hydrogen production, both for India and the export market, I am 100 percent sure that the 5 million metric tonnes (MMT) per year target that we have set is very conservative, the minister said in an exclusive interview with Business Today at his New Delhi residence.
He continued, “I see green hydrogen not only being talked about but also produced and consumed in our refineries. The success of green hydrogen will depend on many things, such as producers’ ability to generate demand and their capacity to supply that need through production and consumption. You are dealing with an idea that has already been turned into a national endeavor, not one whose time has arrived.
He pointed out that by funding more than Rs 19,000 crore for various incentives, such as the production of electrolysers, the government was attempting to create a conducive environment.
“The private sector businesses have ties to every electrolyser producer imaginable worldwide. Solid state, polymer electrolyte membrane (PEM), and alkaline are the three main technologies. I have no idea which technology will ultimately be most successful. But everybody is here,” he added.
Referring to a conversation he had with Grace Bochenek in 2017, just after joining the union cabinet, he stated she had made the extraordinary request of “one, for one, for one.”
“When I pressed her for more information, she replied that one kilogram of green hydrogen would cost $1 for 10 years. I contacted our oil companies as a result of that. The minister stated, “I questioned them as to whether they were capable of lowering the price to $1.
In the same way that Indian renewable energy businesses had effectively reduced the cost of solar energy from 30 cents to 3 cents, he claimed that the green hydrogen market would also see a lot of creative ideas.
When unveiling the plan for the mission’s first phase on January 5, Mr. R.K. Singh, the minister for power and new and renewable energy, also predicted that the nation will surpass the 5 MMT goal it had set for 2030.
No external pressure is applied to Russian oil imports
When questioned about the alleged pressure from the west on India’s oil imports from Russia during the conflict in Ukraine, he said that the nation had never kowtowed to anyone and that this was even more true now that Mr. Modi’s government was in power at the center.
He referred to the allegations as “speculation” and claimed that if India quits purchasing Russian oil, it will have to do so from another source. Additionally, prices will soar. Therefore, it is in everyone’s best interest that these availability and other related questions are treated realistically.
He emphasised that only five countries supplied up to nine lakh barrels of oil per day at that time, and that the country had already progressed past that situation.
We were able to successfully show that we have a well-defined market, a large amount of predictable consumption and that we will make use of our ability to import from the cheapest source. The 27 nations we previously imported oil from have been increased to 39. The nation will purchase oil from any supplier offering the best price,” he said.
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source: Money Control