While addressing the inaugural session of the “Green Hydrogen Convention 2023”, organized by the Government of Odisha and CII Eastern Region, in Bhubaneshwar, on August 5, 2023, Chairman and Managing Director of the Indian Renewable Energy Development Agency (IREDA), Pradip Kumar Das has said that just as IREDA previously demonstrated its pioneering role in making new and emerging renewable energy technologies bankable, the company is now well-prepared to play a crucial role in fulfilling the substantial financial needs of the Green Hydrogen sector. The CMD said that IREDA aims to enhance the financial viability of Green Hydrogen and Green Ammonia projects, making them attractive to potential investors.
In line with the Government of India’s vision as outlined in the National Green Hydrogen Mission, the CMD reaffirmed IREDA’s commitment to financing the entire value chain of Green Hydrogen sector. He pointed out that the government can extend handholding and support to the emerging Green Hydrogen sector only when the sector is in the stage of infancy. “Once the sector becomes stable, stakeholders should not expect continued handholding, and the market should be allowed for a fair competition. Ultimately, the progress of the sector will rely on serious and committed developers with a genuine interest in taking it forward.” He added that the policy makers, regulators, bankers, and developers must collaborate effectively to achieve ambitious targets set by India, of achieving 500 GW power from Non-Fossil sources by the year 2030.
