Green hydrogen is not something for today, not something for tomorrow and maybe not something even for the day after tomorrow, is how Fatih Birol, Director General, International Energy Agency, responded when asked for his views on green hydrogen.
Observing jokingly that “everybody loves hydrogen”, Birol said, “the technology for green hydrogen is there and the potential is there” and “we need to position ourselves” for it because “ it will come” sometime in the future.
In a ‘fireside chat’ with NTPC’s Chairman and Managing Director Gurdeep Singh and Anish De of KPMG, Birol called for diversification of energy supply.
“Europe made a big mistake by relying on one source (Russia) for its energy,” he said.
Watch | All you need to know about India’s Green Hydrogen policy
He cautioned that today the entire refining and processing of critical minerals “is dominated by one country (China)“.
Observing that “a new global energy economy is emerging faster than we thought it would,” Birol said that only two years ago, one in 25 cars sold was electric; today one in five cars is electric.
He said the cost of capital would have to be brought down to tackle climate change. On this, he called for government intervention because “you can’t leave everything to the market.”
NTPC to raise equity, debt
NTPC Chairman Gurdeep Singh said the company has “the role and responsibility” to lead India’s energy transition.
In doing this, NTPC would need to raise funds, both equity and debt, he added.