INTRODUCTION: ACHIEVING ADEQUATE, AMBITIOUS CLIMATE FINANCE
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A crucial transformation
Aside from its ambitious climate change commitments, India is also looking to drive the uptake and research of green hydrogen.
T he world is going through a crucial transformation. There is a growing realisa- tion that climate change is not just a matter of the future. The impact of climate change is being felt here and now. The time for action is also here and now. Energy transition and sustainability have become central to global policy discourse. India is committed [to] creating a cleaner and greener planet. We were the first among G20 nations to ful- fill our Paris commitments on green energy. These commitments were ful- filled 9 years ahead of the target of 2030. India’s installed non-fossil fuel capacity increased nearly 300% in the last 10 years. Our solar energy capac- ity increased over 3,000% in the same period. But we are not resting on these achievements. We remain focused on strengthening existing solutions. We are also looking at new and innovative areas. This is where Green Hydrogen comes into the picture. Green Hydrogen is emerging as a promising addition to the world’s energy landscape. It can help in decar- bonizing industries that are difficult to electrify. Refineries, fertilizers, steel, heavy-duty transportation – many such sectors will benefit. Green Hydrogen can also act as a storage solution for sur- plus renewable energy. India has already launched the National Green Hydrogen Mission in 2023.
Narendra Modi, prime minister, India
We want to make India a global hub for the production, utilization, and export of Green Hydrogen. The National Green Hydrogen Mission is giving an impetus to innovation, infrastructure, indus- try, and investment. We are investing in cutting-edge research and develop- ment. Partnerships between industry and academia are being formed. Start- ups and entrepreneurs who are working in this domain are being encouraged. There is also a great potential for a green jobs eco-system to develop. To enable this, we are also working on skill development for our youth in this sector. Climate change and energy transi- tion are global concerns. Our answers also need to be global in nature. Inter- national partnership is critical for promoting Green Hydrogen’s impact on decarbonization. Scaling up produc- tion, minimising costs and building infrastructure can happen faster through cooperation. We also need to jointly invest in research and innovation to push technology further. In Septem- ber 2023, the G20 Summit happened in India. In this Summit, there was a spe- cial focus on Green Hydrogen. The New Delhi G-20 Leaders’ declaration adopted five high-level voluntary principles on Hydrogen. These principles are helping us in the creation of a unified roadmap. All of us must remember – the decisions we make now, will decide the life of our future generations. In such a crucial sector, it is important for domain experts to lead the way and
CLIMATE CHANGE AND ENERGY TRANSITION ARE GLOBAL CONCERNS. OUR ANSWERS ALSO NEED TO BE GLOBAL IN NATURE.
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Financing a Just Transition
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