Union Minister for Petroleum and Natural Gas, and Housing and Urban Affairs, Hardeep Singh Puri, highlighted India's cost advantage in the production of green energy and electrolysers during the CII-Bain session on 'Green Hydrogen Opportunity in India' at Davos 2024.
"In the Indian energy story, the thing that stands out is that in the next 20 years, 25% of the increase in global demand is going to come from India," stated Puri, highlighting India's significant role in meeting global energy demands.
Puri underscored India's competitive edge, stating, "If you look at the costs, the India advantage is that we are able to significantly reduce the cost of production of green solar energy and electrolysers."
The session featured notable speakers, including Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation, who expressed the importance of boosting green hydrogen consumption, particularly in industries like steel and fertiliser. Jorgen Sandstrom from the World Economic Forum emphasised the need for smart, efficient, and sustainable measures to accelerate the green hydrogen economy.
Sumant Sinha, Founder and CEO of ReNew, lauded the supportive government policies and envisioned India becoming a globally competitive producer and exporter of green energy.
The event also marked the launch of a study titled 'Green Hydrogen: Enabling Measures Roadmap for Adoption in India' by Bain & Company and WEF. The study highlighted the strategic role of green hydrogen in achieving net-zero targets and optimising India's imports. It identified the current cost premium as a challenge for large-scale adoption and set a benchmark goal of $2/kg for green hydrogen to thrive in India.
Minister Puri engaged in productive discussions with Catherine MacGregor, CEO of ENGIE group, exploring collaboration in natural gas, compressed biogas, and LNG. Puri informed MacGregor about India's National Green Hydrogen Mission, aiming to make India a global hub for green hydrogen production, usage, and export.
The minister also met with representatives from Trafigura Group, Cosan, Honeywell, and SAP, discussing potential collaborations in securing affordable crude and LNG supplies, investments in India's growth story, sustainable aviation fuel, and technology transfer for green hydrogen and biofuels.
These interactions at Davos reflect India's commitment to sustainable and green energy solutions, presenting myriad opportunities for collaboration and investment in the evolving energy landscape.