ICRA, an Indian credit rating cum analysis company, has said that India would need renewable energy capacity of 60GW and a corresponding investment of $ 52 billion (Rs 4 trillion) to support its green hydrogen ambitions by 2030.
In a study, ICRA has assumed that India's hydrogen consumption would increase from 6 million tons today to 30 million tons by 2030; a third of this demand would be for green hydrogen.
"A major shift in demand is expected towards transportation (hydrogen fuel cell vehicles) and power generation sectors and will consume around 30% of the hydrogen demand by 2050," it says.
Incentives from the government are critical to spearhead investments for infrastructure development for storage, transport and distribution, it says.
ICRA's Head Research & Outreach, Rohit Ahuja, the author of the report, says that while the rise in the prices of crude oil and natural gas "augur well" for green hydrogen, by raising the prices of grey hydrogen to the same levels as green hydrogen, the increase in cost of metals and other commodities needed to producing electrolysers would be a negative.
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