Reliance Industries Ltd. (RIL) chairman Mukesh Ambani said on Friday that the company’s goal is to create or enable the generation of at least 100 gigatonnes (GW) of renewable electricity that can be converted into carbon-free green hydrogen.
Speaking at the International Climate Summit 2021, Ambani outlined a 1-1-1 vision to reduce the cost of hydrogen to less than $1 per 1 kg in ten years.
He also stated that Reliance will strive to reduce the cost of producing green hydrogen to less than $2 per kg initially, and eventually to less than $1 kg within a decade. Green hydrogen derived from renewable resources prices between $3 and $6.55 per kg.
The emphasis on electricity production from renewable energy sources such as solar and wind will aid in the reduction of carbon emissions in the world’s third-largest greenhouse gas transmitter.
When converted into green hydrogen, the same electricity can be used to replace petrol and diesel in automobiles and other industrial fuels, reducing the use of fossil fuels, carbon dioxide emissions, and trade dependence.
With abundant resources, India can generate over 1,000 GW of solar energy on just 0.5% of its landmass, according to Ambani, who also stated that the country has already achieved 100 GW of installed renewable power generation and that the target of 175 GW by December 2022 is now well within reach.
Furthermore, the country intends to achieve 450 GW of renewable energy by 2030.
“Green hydrogen is a carbon-free energy source. It is the finest and purest source of energy, and it has the potential to play a critical role in the world’s decarbonization plans “He stated.
Hydrogen is the newest buzzword in terms of meeting the world’s energy needs. It is the cleanest form of energy and can be produced from a variety of resources, including natural gas, biomass, and renewable energy sources such as solar and wind. It can be used in automobiles, homes, portable power sources, and a variety of other applications.
Green hydrogen is created by electrolyzing water with renewable energy sources such as solar or wind.
“Let me confidently tell you that Reliance will vigorously pursue this target and accomplish it well before the end of this decade,” Ambani said. “I am confident that India can set an even more aggressive goal of achieving less than $1 per kg within a decade,” he mentioned.