New Delhi: The Union Cabinet has approved the allocation of Rs 19,744 crore for the National Green Hydrogen Initiative.
Union Information and Broadcasting Minister Anurag Thakur met the media in Delhi regarding the decision taken in the Union Cabinet. He then said: “The National Green Hydrogen Initiative was approved in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. An initial allocation of Rs 19,744 crore has been approved for this initiative.
Out of this, Rs 17,490 crore will be allocated for the SIGHT project, Rs 1,466 crore for pilot projects, Rs 400 crore for research and development and Rs 388 crore for miscellaneous expenditure. The Union Ministry of Renewable Energy will frame the regulations for the scheme and implement them.
By 2030, the capacity to produce at least 5 million metric tons of green hydrogen per year will be improved. The total investment for this project will be more than Rs.8 lakh crore. More than 6 lakh jobs will be created through this scheme.
Implementation of this scheme will reduce fossil fuel imports by over Rs 1 lakh crore. Greenhouse gas emissions will be reduced by about 50 million metric tons per year.
Anurag Thakur said that the move is expected to have numerous benefits, including creating green hydrogen export opportunities, reducing industrial carbon emissions, reducing dependence on fossil fuel imports, creating employment, and increasing domestic manufacturing development capabilities.