India and Germany have signed a joint declaration of intent on the Indo-German Green Hydrogen Task Force.
According to the Ministry of New and Renewable Energy, the joint proclamation was virtually signed by R K Singh, Union Minister for Power and New and Renewable Energy, and Robert Habeck, German Minister for Economic Affairs and Climate Change.
According to R K Singh, India has emerged as a global leader in energy transition, with the world’s fastest rate of expansion in renewable energy capacity.
He stated that India has a clear bidding procedure, an open market, and a quick dispute resolution system, and that it is widely regarded as one of the most appealing renewable energy investment destinations (RE).
According to Singh, India has ambitious goals for energy transformation. It will have added 500 GW of non-fossil fuel capacity by 2030. India is also submitting bids for green hydrogen.
The minister also highlighted the significance of developing storage options for renewable energy, such as pumped hydro and battery storage, to balance it out. It will also involve the production of large-scale electrolyzers for green hydrogen. He asked German firms to compete in the development of this ecosystem in India.
According to media reports, the German Minister praised India’s ambitious renewable energy growth goals and expressed interest in investment opportunities in offshore wind farms, citing German expertise in the field.
Under the agreement, both countries established an Indo-German Green Hydrogen Task Force to strengthen cooperation in the production, use, storage, and distribution of green hydrogen by creating enabling frameworks for projects, regulations, and standards, trade, and joint research and development (R&D) projects.
The National Green Hydrogen Mission was introduced in India in order to establish the country as a global hub for green hydrogen production and export.
Germany has also developed a bold National Hydrogen Strategy to position itself as a global leader in hydrogen technology.
Because of its abundant renewable energy potential and expertise in executing renewable energy projects, India can produce low-cost green hydrogen to gradually decarbonize a variety of industry sectors, as well as export it to meet global demand.
Both countries are committed to establishing a green hydrogen economy at the national level. The long-term goal is to reduce emissions while protecting the environment.