Reading Time: 2 minutes
An Indian delegation presented investment opportunities in Indian green energy sectors on Tuesday to Lawerence Wong, deputy prime minister of Singapore, as part of the maiden India- Ministerial Roundtable, which was held last week to strengthen economic ties.
Wong, also the finance minister is making his maiden trip to India since he was made deputy PM.
According to sources, an Indian delegation, led by Parmeswaran, chief executive officer, Niti Ayog hosted a roundtable discussion about renewable electricity and green hydrogen. The secretary (East), ministry of external affairs Saurabh Kumar, Ajay Seth, secretary, department of economic affairs, secretary ministry of power, Alok Kumar, the secretary, ministry for new and renewable energy, department of economic affairs and secretary, I S Chaturvedi also participated in the meeting.
Gurdeep Singh, chairman as well as managing director of NTPC Ltd, the country’s largest producer of power, was among the industry participants. ReNew Power, ACME Solar, L&T, Adani Energy, Greenko, India Hydrogen Alliance, and India Energy Storage Alliance were represented by the private sector.
The discussion centred on bilateral funding from Singapore as well as low-cost financing for green projects. India will pitch green bonds and other new-age financing tools to invest in the Indian Renewable Energy sector.
The two countries would explore joint public-private partnerships as well as research and development in the future green hydrogen industry.
Singapore will also explore the possibility of developing a hydrogen hub. This would include the production of renewable energy cheaper for green hydrogen manufacturing, electrolyser manufacturing and hydrogen storage technologies. Sources say that India plans to also propose to use Singapore’s maritime expertise to transport green hydrogen.
India announced a National Hydrogen Mission in 2021 and launched the Green Hydrogen Policy earlier in the year. The Centre aims to produce five million tonnes annually of green hydrogen by 2030.
India and Singapore both joined the First Movers Coalition at COP26. The Coalition aims to decarbonize the transport and industry sectors that account for 30% of global emissions.
The green hydrogen policy aims to bring together demand from key sectors like steel and fertilisers and make them available as mega tenders. The Centre proposed the creation of manufacturing zones for green hydrogen and ammonia production. According to the policy, manufacturers will be permitted to establish bunkers near ports for Green Ammonia storage for export/use by shipping.