IREDA Committed To Boost Financial Viability Of Green Hydrogen, Ammonia Projects: CMD

Indian Renewable Energy Development Agency (IREDA) is committed to enhancing the financial viability of green hydrogen and green ammonia projects, said Pradip Kumar Das, Chairman and Managing Director, IREDA at Bhubaneshwar in Odisha.

While speaking at the green hydrogen convention 2023, he 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. 

In line with the central government's vision as outlined in the National Green Hydrogen Mission, the CMD reaffirmed IREDA's commitment to financing the entire value chain of the 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 fair competition. Ultimately, the progress of the sector will rely on serious and committed developers with a genuine interest in taking it forward," added Das.

The CMD said that policymakers, regulators, bankers, and developers must collaborate effectively to achieve ambitious targets set by India, of achieving 500 GW of power from non-fossil sources by the year 2030, becoming a USD 5 trillion economy by 2027, a developed economy by 2047 and of achieving net zero emissions by 2070.