The 75 billion dollar plan of Mukesh Ambani aims to make India a hydrogen hub

Billionaire Mukesh Ambani's ambitious efforts to launch his conglomerate Reliance Industries Ltd. into green energy could transform India into a clean hydrogen giant.

Ambani, Asia's richest man, earlier this month announced plans to invest $75 billion in renewable energy infrastructure, including power plants, solar panels and electrolysers. There's growing speculation that the strategy is to turn all that clean energy into hydrogen, one of the biggest downsides of next-gen fuel.

Analysts say that dependence is likely to opt for hydrogen in the attempt to avoid the wholesale electricity market of India, dominated by publicly highlighted public services and afflicted by delayed payments.

Green hydrogen produced from clean water and electricity is seen as crucial to global emission reduction goals, helping consumers and key industries such as the transition from steel to low-emission fuels. carbon. Prime Minister Narendra Modi announced a plan last year to turn India from the world's third-largest producer of greenhouse gases and a major importer of energy into a global hub for production and export fuel.

Ambani promised to produce green hydrogen at $1 per kilogram, a reduction of more than 60% compared to current costs. “Reliance will aggressively pursue this goal and achieve it well before the end of this decade,” Ambani said last year.