India has targeted a leading role in the green hydrogen market, which could result in exports worth $3-5bn and import substitution worth $7-15bn over the next ten years, according to a report by Alvarez & Marshall.
The move is part of the country’s plan to reduce its reliance on imported liquefied natural gas (LNG) and boost domestic GDP growth through sustainable energy sources.
“For India, the case to aggressively support green hydrogen is strong,” said the report. “By moving early, we can stake a claim to a larger share of the global energy trade, substitute some of our imports, especially LNG, and spur domestic GDP growth.”
“By 2030, this could lead to $3-5bn of exports and $7-15bn of import substitution, opening the doors to a much larger opportunity in the decades ahead.”
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