Pralhad Joshi Highlights Green Hydrogen and Carbon Market Advancements

The Minister highlighted pivotal policy shifts aimed at enhancing energy efficiency and reducing emissions across hard-to-abate industries.

Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Shri Pralhad Joshi, underscored the Indian government's robust commitment to renewable energy at the workshop on "Unlocking Value from Carbon Markets: Accelerating Green Hydrogen and Clean Energy" in New Delhi on July 25, 2024. The Minister revealed that the recent Union Budget has nearly doubled its allocation for the renewable energy sector, reinforcing the government’s dedication to transitioning towards cleaner energy sources.

“India’s renewable energy potential stands at an impressive 2,109 GW, encompassing solar, wind, hydro, and biomass sources. Our goal is to harness this potential and drive a substantial shift towards cleaner energy alternatives,” said Shri Joshi.

The Minister highlighted pivotal policy shifts aimed at enhancing energy efficiency and reducing emissions across hard-to-abate industries. “Moving towards emission targets will create robust market incentives for industries to adopt cleaner technologies,” he explained, referring to the transition to an Indian Carbon Market mode.

Shri Joshi also discussed changes in customs duties designed to bolster domestic manufacturing of solar cells and panels. “These adjustments will not only strengthen India’s position in the global renewable energy market but also promote self-reliance in clean energy technologies,” he affirmed.

Central to the discussion was the government’s ambitious National Green Hydrogen Mission, which has received an approved outlay of Rs 19,744 crores. “The mission includes significant incentives for indigenous electrolyser manufacturing and green hydrogen production, positioning India as a potential major exporter in this domain,” Shri Joshi stated.

The Minister further elaborated on the Indian Carbon Market (ICM) initiative, which aims to decarbonize the economy through a national framework. “This initiative aligns our economic interests with environmental goals and is pivotal in our climate change mitigation strategy,” he added.

The workshop featured five panel discussions with both national and international experts, covering topics such as:

International market opportunities

Carbon market integrity and transparency

Leveraging India’s position in the global voluntary carbon market

International cooperation under the Paris Agreement

Operationalizing buyers in the Indian Voluntary Carbon Market

The event highlighted India’s commitment to integrating global expertise into its clean energy strategies, emphasizing its proactive approach to fostering a greener future.