India could export $500bn in green energy Over 20 Years: Mukesh Ambani

India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, Mukesh Ambani, chairman of Reliance Industries, said on Wednesday.

India is one of the most attractive destinations for renewable energy investments, Ambani said, adding that he believes the union government is extremely committed to promote green energy and is one of the most proactive in world.

Ambani has already announced plans last month to invest $75 billion in renewables infrastructure including generation plants, solar panels and electrolyzers.

“If the last 20 years, we were known for India’s emergence as an IT superpower, next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences,” the oil-to-telecom conglomerate’s chief said.

The government has recently unveiled a green hydrogen policy under which it seeks to manufacture five million tonnes of green hydrogen per annum by 2030, aiming to meet its climate targets and become a production and export hub for the fuel.

Green hydrogen — made from water and clean electricity — is seen as crucial for the world’s emissions reduction goals, helping consumers and key industries such as steel transition to lower-carbon fuels.

While Reliance hasn’t broken out how much will be devoted to hydrogen, the $75 billion investment in clean energy is by far the biggest in the country. Other companies such as Adani Enterprises Ltd. and state-run energy firms NTPC Ltd. and Indian Oil Corp. also have set plans for green hydrogen.

The government will set up separate manufacturing zones, waive inter-state power transmission charges for 25 years and provide priority connectivity to electric grids to green hydrogen and ammonia producers in a bid to incentivise production.

The five million tonnes production target is half of that of the European Union, which plans to produce 10 million tonnes of hydrogen from renewable energy by 2030.

India is the world’s third largest oil importer and consumer and its power sector is heavily reliant on coal.

Prime Minister Narendra Modi has set a target to make India a net-zero carbon emitter by 2070. The nation plans to install 450 gigawatts (GW) of renewable energy by 2030, from about 105 GW currently, and has recently announced plan to produce 5 million tonnes of green hydrogen per year by 2030.

Source: Live Mint