“As part of the push, Reliance Industries also plans to apply for any production-related incentives the government may offer to encourage the technology”
Reliance Industries Ltd., controlled by Indian billionaire Mukesh Ambani, is evaluating new technologies to manufacture electrolysers to produce low-cost green hydrogen in the country, while incentives the government could offer to boost the technology, new energy president Kapil Maheshwari said at Reliance, Wednesday at the BloombergNEF Summit in New Delhi.
Prime Minister Narendra Modis’ government unveiled the first phase of its green hydrogen policy in February, offering a range of incentives for companies to launch projects. India is considering offering more sweeteners to producers, Energy and Renewable Energy Minister Raj Kumar Singh said last week. Green hydrogen has received tens of billions of dollars in investment commitments from investors including Ambani and rival tycoon Gautam Adani. The fuel, produced by splitting water using clean energy like wind power, is seen as crucial to decarbonizing hard-to-reduce industries like oil refineries and steel mills, helping to meet the global goals of reducing emissions to zero and tackling global to achieve warming.
Maheshwari said India needs to bring certainty to the policy and help build a market for green hydrogen by requiring some industries to purchase the fuel, a move the government is already discussing. Reliance will pursue an aggressive goal of green hydrogen by the end of this decade, Ambani said last year. At that time, the production of the fuel in India cost between 2.22 and 4.62 dollars per kilogram.
Ambani and Adani have pledged more than $140 billion in green investments as their fossil fuel-powered empires steer away from oil and coal. Green hydrogen is at the heart of this shift as the two tycoons support the government’s quest to make India a world leader in the production and export of this fuel.