RIYADH: India’s energy producer Avaada Group has signed a memorandum of understanding to invest 400 billion rupees ($5 billion) in a green ammonia project in the northern state of Rajasthan, according to Bloomberg.
It is part of the company’s plans to build a 1 million ton-a-year green ammonia facility in the state, creating direct employment for 3,500 people.
India is promoting the production of green hydrogen and ammonia as it aims to turn carbon neutral by 2070.
Indian Oil Corp., the country’s top refiner, is planning to invest over $25 billion to achieve net-zero emissions by 2046, Reuters reported citing chairman S.Vaidya.
Vaidya said IOC has prepared a roadmap to achieve net zero Scope 1 and 2 emissions — that is, emissions produced from its crude refining operations and energy consumption.
Most of IOC’s efforts will be targeted at decarbonizing its refineries and petrochemical complexes, which account for 97 percent of its operations, he said.
Annual demand for hydrogen as an energy carrier will climb from 1,000 metric tons to 39-161 megatons by 2050, Trade Arabia reported, citing Jostein Bogen, Product Line Manager, Electric Solutions, ABB Marine & Ports.
This sharp increase is attributed to the hydrogen’s potential to decarbonize industries and contribute to a more sustainable society.
In the maritime sector, hydrogen can help owners to meet the International Maritime Organization’s greenhouse gas emissions reduction target of 50 percent by 2050 as compared with 2008 levels.