11/16/2023 0 Comments Hydrogen stocks![]() In 2022, state-owned oil and gas exploration company ONGC entered into a memorandum of understanding with Greenko Group, to jointly pursue opportunities in renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen. The company is setting up its Dhirubhai Ambani Green energy Giga complex, which would be situated on 5,000 acres of land close to Jamnagar. To achieve its net zero emissions target by 2035, Reliance has earmarked an investment of $10 billion to develop a comprehensive ecosystem for new energy and materials. The company aims to reduce the production cost of green hydrogen to under $1/kg by the end of this decade. In August 2022, Reliance Industries Chairman Mukesh Ambani said the company is aiming to transition to green hydrogen production, from grey now, by 2025. India’s largest conglomerate with huge interests in oil and gas and manufacturing is adopting the transition to renewable energy in a big way. ![]() Best Green Hydrogen Stocks in India 1) Reliance Industries One such example is a term sheet signed in April 2022 by Indian Oil Corporation Ltd., Larsen & Toubro, and ReNew Power for the formation of a joint venture company to develop the green hydrogen sector in India. ![]() Therefore, it is no surprise that India’s top companies engaged in the energy and manufacturing sectors are trying to tap into the huge potential that green hydrogen holds as an alternative source of fuel. Through the mission, it hopes to attract investment of around 8 trillion rupees in capital and generate employment of over 600,000 by 2030. In 2022, India established the National Green Hydrogen Mission which aims to develop green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum with an associated renewable energy capacity addition of about 125 GW in the country. In addition to replacing fossil fuels in industry and providing clean transportation, green hydrogen can also be used for decentralised power generation, aviation, and maritime transportation. Green hydrogen is seen as a top enabler of India’s transition towards cleaner fuels. India's Energy Transition is focused on maximising the use of renewable energy across all economic sectors in order to meet this goal. India has set goals to achieve energy independence by 2047 and net zero by 2070. Given its large potential, apart from traditional power producers, many heavy engineering and manufacturing companies are also exploring green hydrogen as a viable source of energy. Green hydrogen is seen as a critical source of energy that can be used to decarbonize mega industries such as the manufacturing of steel and cement, which are not easy to electrify. Currently, less than 0.1% of all hydrogen produced is green hydrogen, which is produced through the electrolysis of water. When compared to grey hydrogen, which is made by steam-reforming natural gas and accounts for the majority of the hydrogen market, green hydrogen has significantly lower carbon emissions. Green hydrogen is hydrogen produced using low-carbon power sources or renewable energy. With the growing need for alternative sources of energy for a more sustainable living, green hydrogen is fast emerging as a popular source of renewable energy that has attracted the attention of many global companies.
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