India has approved a $2.11 billion incentive plan to promote green hydrogen in an attempt to reduce emissions and become a major exporter in the field.

According to India's Information Minister, the measure aims to help the country, one of the world's largest emitters of greenhouse gases, achieve zero net carbon emissions by 2070.

The incentive aims to make green hydrogen affordable and reduce its cost over the next five years, Minister Anurag Thakur told reporters. Reuters reported last month on India's plans for a green hydrogen incentive program.

The government expects investments totaling 8 trillion Indian rupees ($96.65 billion) in the green hydrogen sector, Thakur said, as reported by Reuters.

India plans to produce 5 million tons of green hydrogen per year over the next five years, cut about 50 million tons of carbon emissions and save a trillion rupees on fossil fuel imports, Thakur added.

The United States and the European Union have already approved billion-dollar incentives for green hydrogen projects.

The current cost of producing green hydrogen in India is 300 rupees to 400 rupees per kilo, according to industry sources. Indian companies such as Reliance Industries, Indian Oil, NTPC, Adani Enterprises, JSW Energy, ReNew Power and Acme Solar already have big plans for green hydrogen.

Source: RPA news