India’s energy sector will face two key challenges in the future. Firstly, there is the rising energy demand from a developing economy, whose priority remains bringing people out of poverty. For a country heavily dependent on fossil-fuel imports, there are high costs to meeting this demand. Secondly, India has set an ambitious target of becoming a net-zero economy by 2070. These are strong climate commitments and require the entire energy sector to reduce its overall emissions and mitigate the effects of the global climate crisis.
Hydrogen provides India an opportunity to enhance the financial strength of its energy sector. Since there is an abundance of renewable energy sources in the country, a higher green hydrogen production will happen, which will eventually lower the import of crude oil and natural gas. This would be a major cost saving for the government. It would also help to realise a greater energy independence and security for the nation. There is also a growing market for the various hydrogen components (e.g. electrolysers), where India can take a leading role (in manufacturing them).
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