India sets sights on global renewable ammonia market, takes strides towards sustainable energy leadership
India is positioning itself as a key player in the renewable ammonia market with several international trade agreements already inked and more on the horizon.
According to S&P Global Commodity Insights, however, industry insiders emphasize the need for greater policy clarity and price stability to transform these agreements into binding deals.
The country's ambition to produce 5 million metric tons (mt) of renewable hydrogen by 2030 and secure a 10 per cent share of the global trade by that time underscores its commitment to renewable energy.
ACME-IHI and ReNew-Jera are among the leading entities that have entered into non-binding supply agreements for renewable ammonia.
According to analysts at S&P Global Commodity Insights, more such agreements are likely to follow, serving as guiding lights for companies in securing financing and finalizing engineering, procurement, and construction contracts.
These agreements are crucial in the early commercial stages of development.
India's renewable energy sector benefits from various incentives, including cheap power, subsidies, low-cost loans, and readily available land, provided by federal and state governments.
These incentives are instrumental in accelerating large-scale projects, with exports expected to commence around 2027.
However, concerns linger regarding the consistency of government policies amidst the nation's escalating domestic energy demands, leading to some scepticism among developers regarding export prospects.
While India boasts nearly 100
