According to the UnivDatos, various key players in the renewable sector are collaborating to reduce the price of electrolyzes which will eventually reduce the overall cost of green hydrogen production. As per their “India green hydrogen Market” report, the global market is at a CAGR of 69.8% during the forecast period from 2024 - 2032 to reach USD 2686.78 million by 2032. 

The opportunities green hydrogen presents for India for decarbonization, manufacturing, and exports require action to get benefits in the coming years. The following roadmap needs to be followed to build green hydrogen infrastructure to make it a global hub.

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A detailed roadmap focused on all aspects of ‘Green Hydrogen’

The announcement of the National Hydrogen Mission signals the right intent, but it needs to be complemented with further policy direction in the form of a national roadmap/strategy. The emphasis of this roadmap should be to elaborate on the government’s vision for green hydrogen in multiple sectors with timelines and investment aspirations given the long-term cost advantage and multiple benefits that we have established in this report. This will improve investors’ confidence and will converge the entire value chain and the various government agencies towards a singular vision.

Initiate a supply-side intervention to achieve an aspirational cost reduction target for green hydrogen:

The government needs to enable cost reduction for green hydrogen production in the country. The Green Hydrogen policy should be improved by initiating a visionary target of 160 GW of green hydrogen production capacity, including 100 GW of exports through mandates and incentives. The demand sector should have a similar visionary target with strict mandates and adequate VGFs. The government should assess end-use sectors and provide geographical supplementation. Other measures like reducing taxes and duties, implementing dollar-based tariffs, and recycling carbon tax revenue should be taken. The government should establish an aspirational price decline target to motivate the private sector.

R&D investments: India has set a minimum target of 25 GW by 2030 for its green hydrogen industry. The manufacturing of electrolyzers is a significant opportunity for the country, with the potential for multibillion-dollar exports. To support this industry, there should be local value-creation initiatives to manufacture necessary components such as pipes, cylinder storage, compressors, heat exchangers, nozzles, hoses, etc.

Skilling and Capacity Building

A skilled workforce is essential to drive the green hydrogen sector. India should focus on capacity building by incorporating specialized courses in universities and technical institutes. Additionally, upskilling current professionals through workshops and training programs in green hydrogen technologies will be pivotal.

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Research and Development

Continuous research and development are vital for improving efficiency and reducing the costs associated with green hydrogen production. India can establish dedicated research centres and collaborate with global institutions to spearhead innovations in this field. By adhering to this roadmap, India not only stands to enhance its energy security and meet its climate commitments but also position itself as a leader in the global green hydrogen economy. The journey is complex and requires coordinated efforts across multiple dimensions, but the potential rewards justify the ambitious pursuit.

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