In a significant development, the Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency (IREDA) highlighted the agency’s pivotal role in bolstering the nascent Green Hydrogen sector. Drawing parallels with IREDA’s previous accomplishments in making emerging renewable energy technologies financially viable, the CMD expressed IREDA’s readiness to extend crucial financial support to the Green Hydrogen arena.
The CMD, Shri Pradip Kumar Das, made these remarks during the inaugural session of the “Green Hydrogen Convention 2023,” a noteworthy event organized by the Government of Odisha and CII Eastern Region in Bhubaneshwar on August 5, 2023. Industry leaders, policymakers, and energy experts were in attendance, including notable figures like Shri Hemant Sharma, Principal Secretary of the Industries Department, Govt. of Odisha, and Shri Manoj Kumar Upadhyay, Deputy Advisor – Energy, NITI Aayog.
Underlining IREDA’s alignment with the National Green Hydrogen Mission, the CMD reaffirmed IREDA’s dedication to financing the entire value chain of the Green Hydrogen sector. He emphasized that while the government can provide essential support during the sector’s nascent stage, sustained growth and competition will necessitate committed involvement from stakeholders.
In the context of ambitious national targets, the CMD stressed the need for collaboration between policy makers, regulators, bankers, and developers to meet India’s goals of achieving 500 GW power from Non-Fossil sources by 2030, becoming a USD 5 trillion economy by 2027, transitioning to a Developed Economy by 2047, and achieving Net Zero emissions by 2070.
Addressing Odisha’s potential, the CMD spotlighted the state’s existing capacities in steel, aluminum, cement, and fertilizers, asserting that transitioning from Grey Ammonia to Green Ammonia is the logical next stride. With a solid foundation in place, Odisha’s thriving manufacturing sectors, including electrolysers, could drive the emergence of a robust Green Hydrogen market. Leveraging its strategic assets such as Special Economic Zones (SEZs) and major ports, Odisha is primed to capitalize on the growing Green Hydrogen opportunities and contribute significantly to the renewable energy landscape.
