CMD, IREDA Advocates Collaboration for India's Ambitious Green Hydrogen Targets

by Psu Connect
Date: 05-08-23

He underlined that Govt. can extend the handholding and support to the emerging Green Hydrogen sector only at infancy stage.

CMD, IREDA Advocates Collaboration for India's Ambitious Green Hydrogen Targets

Bhubaneshwar: Shri Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency (IREDA), graced inaugural session of the “Green Hydrogen Convention 2023” with his special address, held today in Bhubaneshwar, Odisha.

Shri Hemant Sharma, Principal Secretary of the Industries Department, Govt. of Odisha, and Shri Manoj Kumar Upadhyay, Deputy Adviser-Energy, from NITI Aayog, also shared their valuable insights in the convention, organized by the Govt. of Odisha and CII Eastern Region.

In line with the Government of India's vision, as outlined in the National Green Hydrogen Mission, CMD reaffirmed IREDA's untiring commitment to financing the entire value chain of the Green Hydrogen sector. He underlined that Govt. can extend handholding and support to the emerging Green Hydrogen sector only at infancy stage.

However, once the sector becomes stable, stakeholders should not expect continued handholding, and the market should be allowed for fair competition. Ultimately, the sector's progress will rely on serious and committed developers with a genuine interest in taking it forward.

The Policymakers, regulators, bankers, and developers must collaborate effectively to achieve ambitious targets of 500 GW from Non-Fossil sources by 2030, USD 5 trillion economy by 2027, a Developed Economy status by 2047, and Net Zero emissions by 2070.

CMD emphasized that Odisha is already having a substantial capacity for Steel, Aluminum, Cement, and Fertilizer production. The state has an existing Hydrogen infrastructure in these sectors, and the transition from Grey Ammonia to Green Ammonia is the next step needed.

With a well-established market for conversion, new manufacturing sectors like electrolysers, etc. are likely to emerge. Leveraging its three Special Economic Zones (SEZ) and three major ports, Odisha is in an ideal position to develop a robust manufacturing base for Green Hydrogen and capitalize on significant export opportunities.

CMD expressed confidence that, just as IREDA previously demonstrated its pioneering role in making new and emerging renewable energy technologies bankable, the company is now well-prepared to play a crucial position in fulfilling the substantial financial needs of the Green Hydrogen sector.

We aim to enhance the financial viability of Green Hydrogen and Green Ammonia projects, making them attractive to potential investors.

The audience at the convention, consisting of industry leaders, experts, policy-makers, and other distinguished attendees responded overwhelmingly to CMD, IREDA’s address, affirming the importance of advancing green energy initiatives in the country.