IREDA Supports Collaboration to Finance Entire Value Chains of Green Hydrogen and Grey Ammonia
The policymakers, regulators, bankers, and developers must collaborate effectively to attain ambitious targets of 500 GW from Non-Fossil sources by 2030, USD 5 trillion economy by 2027, a Developed Economy status by 2047, and Net Zero emissions by 2070.
August 07, 2023. By EI News Network
Hemant Sharma, Principal Secretary of the Industries Department, Govt. of Odisha, and Manoj Kumar Upadhyay, Deputy Adviser-Energy, from NITI Aayog, also expressed their valuable insights in the convention, organized by the Government of Odisha and CII Eastern Region.
Aligning with the Government of India's vision as outlined in the National Green Hydrogen Mission, CMD reaffirmed IREDA's constant commitment to financing the entire value chain of the Green Hydrogen sector. He highlighted that government can extend handholding and support to the emerging Green Hydrogen sector only at the infancy stage. However, once the sector becomes stable, stakeholders should not expect continued handholding, and the market should be allowed for fair competition. Ultimately, the sector's progress will rely on serious and committed developers with a genuine interest in taking it forward.
The policymakers, regulators, bankers, and developers must collaborate effectively to attain ambitious targets of 500 GW from Non-Fossil sources by 2030, USD 5 trillion economy by 2027, a Developed Economy status by 2047, and Net Zero emissions by 2070.
CMD emphasized that Odisha is already having a substantial capacity for Steel, Aluminum, Cement, and Fertilizer production. The state has an existing Hydrogen infrastructure in these sectors, and the transition from Grey Ammonia to Green Ammonia is the next step needed.
With a well-established market for conversion, new manufacturing sectors like electrolysers, etc. are likely to emerge. Leveraging its three Special Economic Zones (SEZ) and three major ports, Odisha is in an ideal position to develop a robust manufacturing base for Green Hydrogen and capitalize on significant export opportunities.
CMD expressed confidence that, just as IREDA previously demonstrated its pioneering role in making new and emerging renewable energy technologies bankable, the company is now well-prepared to play a crucial position in fulfilling the substantial financial needs of the Green Hydrogen sector.
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