Youth destination IAS

IOC to form joint venture for Green Hydrogen development

Share with Your Friends

Print Friendly, PDF & Email

IOC to form joint venture for Green Hydrogen development

Indian Oil Corporation (IOC), L&T, and Renew Power have signed a binding agreement to set up a Joint Venture (JV) company to develop the Green Hydrogen development sector in India.

The joint venture will aim to supply green hydrogen on an “industrial scale”.


  • India can become a hub of “Green Hydrogen” as it can have an inherent advantage of having abundant renewable energy available in the country.
  • India, being a tropical country and having favorable geographical conditions and abundant natural resources, occupies an important advantageous position in ‘Green Hydrogen’ production.
  • In India, producing hydrogen from renewable energy is likely to be cheaper than producing it from natural gas.

Efforts being made in this regard:

  • The draft guidelines on ‘National Hydrogen Mission’ have been released by the Union Government, which aims to increase hydrogen production to 5 million metric tones (MMT) by 2030 to meet around 40 per cent of the domestic requirements.
  • A proposal to launch a Rs. 15,000 crore ‘Production Linked Incentive’ (PLI) scheme for ‘Electrolysers’ is being considered by the Central Government.
  • The ‘Green Hydrogen and Green Ammonia Policy’ was notified by the Central Government in February. Under which a provision has been made to provide free electricity for 25 years for any new renewable power plants set up for ‘green hydrogen’ production before July 2025.
  • The government is also planning to implement the necessary mandate for the oil refining, fertilizer and steel sectors to procure green hydrogen for a certain proportion of their requirements.

Green Hydrogen

Hydrogen produced by ‘Electrolysis’ using renewable/renewable energy is known as ‘Green Hydrogen’. It does not contain any trace of carbon.

Importance of Green Hydrogen:

  • Green Hydrogen energy is critical for India to meet its Nationally Determined Contribution (INDC) goals and ensure regional and national energy security, access and availability.
  • Green hydrogen can serve as an energy storage option, which will be critical to bridging the renewable energy gap in the future.
  • In terms of transportation, green hydrogen can be used for long distance travel or freight transportation within cities or between states, railways, large ships, buses or trucks etc.

Source – The Hindu

Download Our App


Register Yourself For Latest Current Affairs

May 2022
« Apr    

Mains Answer Writing Practice

Recent Current Affairs (English)

Current Affairs (हिन्दी)

Subscribe Our Youtube Channel

Click to Join Our Current Affairs WhatsApp Group

In Our Current Affairs WhatsApp Group you will get daily Mains Answer Writing Question PDF and Word File, Daily Current Affairs PDF and So Much More in Free So Join Now


Login to your account

Open chat
Youth Destination IAS . PCS
To get access
- NCERT Classes
- Current Affairs Magazine
- IAS Booklet
- Complete syllabus analysis
- Demo classes