ACME Group to invest $ 6.7 billion in green hydrogen project in Karnataka

Gurugram-based ACME Group is to invest $6.70 billion in Karnataka over five years to set up a green hydrogen and ammonia plant, said the state government. The investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel.

The green hydrogen and ammonia plant is expected to create about 2,000 jobs, and will have the capacity to produce 1.2 million tonnes per annum. It will also have a solar power unit attached.

Green hydrogen, produced using renewable energy, has some of the best environmental credentials among cleaner-burning fuels. The zero-carbon fuel is made using renewable power from wind or solar sources to split water into hydrogen and oxygen.

While green hydrogen is not currently made in India on a commercial scale, however, both Mukesh Ambani and Gautam Adani have announced plans to produce it.

Earlier in May, Karnataka signed a $ 6.4 billion agreement with independent power producer ReNew Power over a 7-year period on energy projects in the state. Though India has a population more than three times that of the European Union, its per capita energy consumption is lower, but among the fastest rates of energy demand growth in the world.

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