India to provide $3.65 bn to refiners to move towards clean energy

Indian state-run refiners are setting up projects to produce 30.8 kilo tonnes a year of green hydrogen by 2030, junior oil minister Rameswar Teli told lawmakers.

India, one of the world’s biggest greenhouse gas emitters, recently announced a 197 billion rupee ($2.4 billion) green hydrogen programme to cut the country’s carbon intensity and reduce dependence on fossil fuels. Companies such as Reliance Industries, NTPC , Adani Group, JSW Energy, ReNew Power and Acme Solar have announced plans to help India meet its goal to produce at least 5 million tonnes of green hydrogen by 2030.

The federal government has announced it would provide 300 billion rupees ($3.65 billion) to help state-run oil refiners move towards cleaner energy, a step aimed at helping the country achieve its 2070 net-zero carbon emission target.