India is negotiating the supply of green hydrogen to the EU and Singapore
India has discussed a possible deal to supply more than 11 million metric tons of green hydrogen per year to the European Union and Singapore, which will in turn invest in these Indian clean energy projects.
Reuters reported that New Delhi will consider bilateral agreements that will allow countries to use carbon credits associated with the production of so-called green hydrogen, which is produced using renewable energy sources.
India and the EU have explored 10 million metric tons per year green hydrogen agreements under which the block's businesses can invest in projects in India. Singapore expects to receive 5 million metric tons of green ammonia per year under similar bilateral agreements, equivalent to another 1-1.5 million metric tons of green hydrogen per year. Green ammonia is a derivative of green hydrogen.
The meetings hosted by the Government of India on Wednesday also included representatives from Indian renewable energy companies including Avaada Group, Renew Power and ACME Group.
“Bilateral agreements being negotiated with the EU and Singapore present significant business opportunities for Indian green hydrogen producers,” Avaada Chairman Vinit Mittal said.
Countries around the world are turning to hydrogen to move away from fossil fuels and tackle global warming.
Last year, India, in a bid to realize its ambition of becoming a major exporter of green hydrogen, approved a $2.13 billion stimulus plan and a goal of producing 5 million tonnes of green hydrogen by 2030.
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