September 25, 2021

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India could lead hydrogen energy output with price below $1 a kg in a decade: Mukesh Ambani

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Billionaire Mukesh Ambani, who is gearing up Reliance Industries for an aggressive foray into clean energy, expects India to emerge as a leader in green hydrogen technology by becoming the first country to produce it under $1 per kg.

Ambani said that while the world is making efforts to make green hydrogen the most affordable fuel option by bringing down its cost to initially under $2 per kg, India can set an “aggressive target” for breaching the $ 1 mark.

“Efforts are on globally to make green hydrogen the most affordable fuel option by bringing down its cost to initially under $ 2 per kg. Let me assure you all that Reliance will aggressively pursue this target and achieve it well before the turn of this decade,” Ambani said at the International Climate Summit 2021.

Prime Minister Narendra Modi has announced a National Hydrogen Mission for the country, in an attempt to push energy security for the country. Energy experts believe that clean energy sources like hydrogen technology would be at core for the global effort to move towards net zero carbon.

“India has always set and achieved even more audacious goals. Am sure that India can set an even more aggressive target of achieving under $ 1 per kg within a decade. This will make India the first country globally to achieve $1 per 1 kilogram in 1 decade – the 1-1-1 target for green hydrogen,” Ambani said.

India has always set and achieved even more audacious goals. Am sure that India can set an even more aggressive target of achieving under $ 1 per kg within a decade. This will make India the first country globally to achieve $1 per 1 kilogram in 1 decade – the 1-1-1 target for green hydrogenMukesh Ambani

Earlier this year, Ambani announced RIL’s clean energy business plan that will entail three parts — a Rs 60,000-core investment in four giga-factories that will manufacture and fully integrate all critical components for the business; a Rs 15,000-crore infusion in building the value chain, partnerships and future technologies, including upstream and downstream industries; and repurposing the company’s engineering, project management and construction capabilities toward clean energy.The company has already started work to build the four giga-factories– an integrated solar photovoltaic module factory, an advanced energy storage battery factory, an electrolyser factory for the production of green hydrogen, and a fuel cell factory for converting hydrogen into power.

Global energy majors are making a move towards cleaner fuels as climate change concerns are pushing countries to take measures. Pension funds, insurers and other environmentally conscious investors are changing their portfolio in favour of clean energy, pushing companies to scale up their exposure to clean energy.

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The NHM initiative will capitalise on one of the most abundant elements on earth (Hydrogen) for a cleaner alternative fuel option

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