India is the world’s fourth-largest renewable energy (RE) market. The speed at which the country is adapting to the change has also made it the fastest growing renewable energy market in the world, attracting large-scale projects as well as witnessing the emergence of several start-ups in the sector. Following Prime Minister Narendra Modi’s announcements at the G-20 Summit in Rome and the COP26 Summit in Glasgow in November 2021, the country has embarked on an ambitious mission to achieve its RE target of 450 GW by 2030 and achieve net-zero carbon emissions by 2070. However, there is one challenge. India is the third-largest global emitter of CO2. It will require all the stakeholders, especially the private sector, to pitch in and do their part in achieving net-zero greenhouse gas emissions by 2070.
While some top energy companies were already exploring collaborations that were into green hydrogen energy and decarbonisation technologies, some had already begun investing in new green businesses. GreenZo Energy is one such company. One of the leading companies in renewable energy consultancy with projects cumulating up to 1500 MW in India, GreenZo Energy has now scaled up its mission to decarbonise the planet and aims to become a pioneer in the production of green hydrogen in India. It plans to set up a full-fledged made-in-India 250MW electrolyser factory, which would require an investment of INR 3–4 billion by the end of 2025. This will ensure the availability of end-to-end solutions within the country and cut down on dependence on imports for this key equipment. Local production of electrolysers is crucial to bringing the cost of green hydrogen to $1–$2 per kilogramme by 2030.