India has discussed the supply of over 11 metric tons of green hydrogen every year in turn with Singapore and the European Union; the two countries are expected to invest in the Indian green project, a Reuters report said, citing sources.
According to Reuters sources, a potential India-EU deal on green hydrogen may focus on EU companies earning carbon credits by investing in clean energy projects in India.
Carbon credits can be considered as permits that let the owner release a specific volume of greenhouse gases with a comparable weight that can be emitted for one credit. Credits are given to businesses in a fixed amount that diminishes over time. A financial incentive to cut carbon emissions is provided through carbon credits.
The city-state of Singapore is considering purchasing 1 to 1.5 million metric tons of green hydrogen annually, while the country is focusing more on buying green ammonia, a popular fuel derived from green hydrogen.
The Indian government approved a $2.13 billion incentive plan and a target to produce 5 million metric tons of green hydrogen by 2030. India last year declared its ambition to become a major green hydrogen exporter.
India last year declared its ambitions to become a major green hydrogen exporter, as countries around the globe are turning to hydrogen power as an alternative to tackle global warming.
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