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NITI Aayog in its latest report titled ‘Harnessing Green Hydrogen: Opportunities for Deep Decarbonisation in India’ has said that the green hydrogen can substantially spur industrial decarbonisation and economic growth for India in the coming decades. The report provides a pathway to accelerate the emergence of a green hydrogen economy, which is critical for India to achieve its net-zero ambitions by 2070.

The report, co-authored by NITI Aayog and RMI, also underscored that green hydrogen will be crucial for achieving decarbonisation of harder-to-abate sectors such as, fertilisers, refining, methanol, maritime shipping, iron & steel and transport.

The report further said that with emerging global momentum on hydrogen, India can situate this decarbonisation opportunity not just within the context of a low-carbon economy but also as an enabler of energy security and economic development for the nation.

According to the report, near-term policy measures can bring down the current costs of green hydrogen to make it competitive with the existing grey hydrogen (hydrogen produced by natural gas) prices. Medium-term price targets should be set to guide the industry towards making green hydrogen the most competitive form of hydrogen.