Green Hydrogen India Market Update Q2 2024 (Apr-Jun) 

Summary

• Tenders: In Q2 2024, India made remarkable strides in the green hydrogen market, emphasizing its commitment to sustainable energy transition and low-carbon growth. Three major tenders were issued by influential entities: Indian Oil Corporation Limited (IOCL), Solar Energy Corporation of India (SECI), and MECON. These tenders signify the growing focus as a key element in India’s clean energy ambitions. IOCL, SECI, and MECON are leading the push by inviting competitive bids, aiming to create a robust infrastructure that aligns with India’s National Hydrogen Mission goals.
• Investments: 
  • World Bank approved a $1.5 billion investment to support India’s transition to a low-carbon economy, boosting the green energy sector.
  • India’s green hydrogen industry presents a significant investment opportunity, projected to attract $125 billion by 2025.
• Green Hydrogen Projects Commissioned in India:
  • Airox Nigen Equipments commissioned its indigenously built alkaline electrolyser and fuel cell for SJVN’s multi-purpose pilot project in Jhakri, Himachal Pradesh.
  • GAIL (India ) Ltd commissioned its first green hydrogen plant at Vijaipur, Madhya Pradesh, marking its entry into alternate energy.
  • Hindustan Petroleum Corporation Ltd (HPCL) commissioned India’s first Solid Oxide Electrolyser (SOE) at its HP Green R&D Centre in Bengaluru.
• Policy and regulations: In this quarter also witnessed critical policy advancements, with three
  central-level regulations introduced to solidify the framework. These policies aim to enhance market predictability, encourage private sector participation, and ensure India remains competitive in the global space. These combined developments underscore India’s swift progression towards establishing a sustainable green hydrogen economy, supported by substantial investments, regulatory frameworks, and innovative projects. With international backing and active domestic participation, India’s green hydrogen sector is set for exponential growth, aligning with global decarbonization efforts and climate commitments under the Paris Agreement. This growth is driven by significant investments, government policies, and partnerships aimed at reducing carbon emissions across hard-to-abate sectors like steel, cement, and heavy transportation.

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