Page 55 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The National Green Hydrogen Mission (NGHM), launched with an outlay of $2.4 billion, aims to produce
5 million metric tonnes (MMT) of green hydrogen annually by 2030, attracting over $100 billion in
investments and creating more than 6 lakh jobs. He also invited international stakeholders to collaborate
in India’s ambitious green hydrogen and renewable energy projects.

Pilot projects under the NGHM, with an investment of $14 million, are already exploring the use of green
hydrogen in the shipping sector. “We are focusing on converting existing vessels to operate on green
hydrogen or its derivatives. The Shipping Corporation of India is currently converting two vessels to run
on green methanol,” the Minister explained. India with an investment of approximately $25 million, is
setting the stage for development of hydrogen hubs that will transform its energy landscape. Moreover,
ports such as Deendayal, Paradip, and V.O. Chidambaranar are being developed into key hydrogen hubs
with bunkering and refuelling facilities to support green hydrogen-powered ships.

Shri Pralhad Joshi concluded his address by reaffirming that, “India's embrace of innovative technologies,
investment in robust infrastructure, and cultivation of international cooperation have elevated us from a
mere participant to a leading force in this global transition.”

MNRE notifies Scheme Guidelines for ?500 crore ‘Innovative Projects’ component under PM-Surya Ghar
Yojana

Union Ministry of New and Renewable Energy has notified Scheme Guidelines for implementation of
‘Innovative Projects’ under PM-Surya Ghar: Muft Bijli Yojana on 8th October 2024.

Under the scheme component 'Innovative Projects’, ?500 crore has been earmarked to encourage
advancements in rooftop solar technologies, business models, and integration techniques. The
component seeks to identify and support startups, institutions, and industries in piloting new concepts,
with a focus on emerging solutions like blockchain-based peer-to-peer solar trading, smart materials, and
rooftop solar integrated with electric vehicles and battery storage.

To drive this forward, MNRE will invite proposals and encourage joint research and international
collaborations. National Institute of Solar Energy (NISE) will serve as the Scheme Implementation Agency
(SIA) for the Innovative Projects Component. Selected projects will receive financial assistance of up to
60% of the project cost or ?30 crore, whichever is lower. Additionally, annual awards for innovation will
be granted to encourage further advancements, with prizes up to ?1 crore.

The Government of India approved the PM-Surya Ghar: Muft Bijli Yojana on 29th February 2024, with the
aim to increase the share of solar rooftop capacity and empower residential households to generate their
own electricity. The scheme has an outlay of Rs 75,021 crore and is to be implemented till FY 2026 - 27.

India's Renewable Energy Capacity Hits 200 GW Milestone

India has reached a significant milestone in its renewable energy journey, with the country's total
renewable energy capacity crossing the 200 GW (gigawatt) mark as of October 10, 2024. According to the
Central Electricity Authority, the total renewable energy-based electricity generation capacity now stands

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