Full Update on India's Top Green Hydrogen Stocks and How They're Faring in 2023
Hydrogen (H2) is an industrial fuel with multiple applications such as the production of ammonia, steel, electricity, and refineries. Currently, hydrogen is produced through natural gas and coal, leading to carbon dioxide emissions (CO2) into the atmosphere. The hydrogen produced through this method is known as grey hydrogen.
However, with increasing concerns over climate change and the environment, the Indian government is encouraging the use of green hydrogen. Green hydrogen is produced using renewable sources such as solar and wind power and is the cleanest fuel as its by-product is oxygen, not carbon dioxide. India aims to become a global hub for green hydrogen, producing 5 million metric tonnes annually by 2030 and becoming net zero by 2070.
To meet this goal, the Indian government announced the National Green Hydrogen Mission in 2022. Several companies have already stated investing in green hydrogen plants to take the first mover advantage. Companies like NTPC, GAIL, and Indian Oil Corporation have announced several projects in this space.
In today's article, we take a look at all green hydrogen stocks in India and how they’re faring in 2023 so far. This mid-year review will potentially help you select which Indian green hydrogen company is leading the race and whether any new company has entered the fray. #1 Oil India First on the list is Oil India, one of the largest exploration and production companies.
It is engaged in the business of exploration, development, production, and transportation of crude oil, natural gas, and LPG (liquified petroleum gas). In 2022, the company commissioned its first green hydrogen plant with 99.99% purity. Oil India was the first in the country to pilot a green hydrogen plant with
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