In Short : For prospective long-term investments in India’s green hydrogen sector in 2024, explore companies involved in renewable energy, electrolyzer manufacturing, hydrogen fuel cell tech, energy storage, and infrastructure development. Prioritize thorough research and consider professional financial advice due to market volatility.
In Detail : The world is turning its gaze towards sustainable solutions and the appeal towards green hydrogen is taking centre stage.
India is looking to capture a big slice of this pie.
The country has a focus of becoming energy independent by 2047 and achieving net zero emissions by 2070.
Net zero emissions is basically achieving a balance between greenhouse gas that is emitted into the atmosphere and emissions that are taken out of the atmosphere.
To get there, we will have to reduce greenhouse emissions by switching to sustainable and low-carbon sources of energy.
And that’s where green hydrogen comes into play.
You see, green hydrogen is a highly versatile energy carrier and it can be produced sustainably through renewable sources which will not emit any greenhouse gases. Moreover, it can be used as a fuel to generate electricity and power vehicles.
Even today, we generate hydrogen which is used as an industrial fuel. But, this type of hydrogen is called grey hydrogen because it is sourced from natural gas and coal which leads to emissions.
Here’s how the process works… Hydrogen is produced by splitting water into hydrogen and oxygen using an electrolysing plant.
This electrolysing plant is powered by electricity. If the source of electricity generation is through renewable energy, like wind and solar, it becomes green hydrogen.
With an aim to boost sustainability, the government is encouraging the production and use of green hydrogen with an ambition of producing 5 million tonnes of green hydrogen annually starting 2030.
