Up to INR 50 billion in green investments desired in UP

The government of Uttar Pradesh (UP) wants private investment of up to INR 50 billion in the solar and bioenergy industries, riding the wave of the global transition to green energy. About over the next five years, the state aims to produce 22,000 megawatts (MW) of solar energy. 6,000 megawatts would come from rooftop solar power plants and 14,000 MW would come from solar farms. In In agreement with the centre, the government is also developing a green hydrogen policy. In this en years, the Asia-Pacific region is expected to experience the fastest growth in the world.

AK Sharma, the state's energy minister, has given the go-ahead to officials to expedite the policy. wording so that the cabinet can approve it more quickly. “The transition from the state to a trillion- dollar economy will be significantly aided by the new and expanded energy industry. Work should be done to create industry-specific employment,” he said.

India's green hydrogen strategy offers 25 years of free inter-state energy transmission and cheaper sustainable energy for projects to be completed before June 2025. Land at lower energy prices parks and zones intended for nearby companies are among the incentives. By hiring renewable energy to electrolyze water, green hydrogen can be made. Later hydrogen and nitrogen can be mixed to create "green" ammonia, eliminating the need for global warming hydrocarbons. Green ammonia is used to produce fertilizer and store energy.

The global green hydrogen market, expected to be worth $1.83 billion by 2021, is is expected to reach approximately USD 90 billion by 2030, with a CAGR of 54% between 2021 and 2030, according to studies.

India's green hydrogen target unveiled in 2021 calls for rapid ramp-up in production make the country a center for green hydrogen. Anupam Shukla, Director, UP New and Renewable Energy Development Agency, reported that the state has already received investment bids from INR 185 billion in the industry. The state now intends to proactively establish contact with both at home and abroad foreign companies in the sector. To entice private companies, the energy service will be a investment meeting in January 2023.