India has hosted talks on a possible deal to supply 10 million metric tonnes of green hydrogen to the European Union, which in turn would invest in one such clean energy project in India, two government and one industry source told Reuters.
On Tuesday, Reuters reported India will consider bilateral agreements with countries to allow them to use carbon credits linked to the production green hydrogen, or hydrogen made using renewable energy, in India in exchange for investment and purchase deals.
Under the plan, EU businesses could invest in the projects in India and claim carbon credits, one of the officials, who attended a meeting that took place on Wednesday in New Delhi, said.
The meeting was attended by officials from EU governments and Indian renewable companies, including Avaada Group, Renew Power and ACME Group.
None of the officials who spoke to Reuters wished to be named as discussions are ongoing.
India’s renewable energy ministry, an Indian government spokesperson and a communication officer at the EU office in New Delhi did not immediately reply to requests for comment.
Across the globe, countries are turning to hydrogen to drive an energy transition from fossil fuels and attempts to address global warming.
India last year sought to further its ambitions to become a major green hydrogen exporter through the approval of a 174.9 billion rupees ($2.13 billion) incentive plan and a target to produce 5 million tonnes of green hydrogen by 2030.
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