Gujarat’s Renewable Energy Policy 2023 will enable the state to source 50% of its Energy from Renewable Sources

New Delhi, November 29, 2023: As the Government of Gujarat gears up for the Vibrant Gujarat Global Summit in January 2024, 6 International and 8 Domestic Roadshows and delegation visits have been undertaken so far which have enabled the government to touch base with over 1000 companies in the form of one-to-one meetings, round table conferences, and seminars, across various sectors.

These visits have presented an opportunity to the Government of Gujarat to showcase Gujarat’s roadmap in contribution to the Hon’ble Prime Minister’s Vision of Viksit Bharat @ 2047 along with inviting them to be a partner in this success story. The delegation visits also served as a platform for heads of management of leading companies to engage in constructive discussions about potential collaborations and investments across various sectors with the Government of Gujarat.

Takeaways for Green Hydrogen & Green Energy Sector from VGGS Roadshows and Delegation Visits:

Gujarat currently contributes ~15%to India’s Renewable Energy capacity, it is one of the fastest-growing renewable energy-producing regions. Further, the Government of Gujarat has launched the Renewable Energy Policy 2023, the policy will enable the state to source 50% of its energy from renewable sources, which will further aid in achieving India’s ambitious target of reducing carbon emissions by 45% by 2030.

The Government of Gujarat has also announced a land allotment policy that offers several benefits to companies investing in the state’s green hydrogen projects. As per the policy, companies must meet 50% of their green hydrogen production capacity within five years of plant commissioning and achieve 100% capacity within eight years.

To achieve these goals, the Government of Gujarat held a series of meetings with leading Global companies from France, Japan, South Korea, Australia, and Singapore and National Energy & Green hydrogen companies from Mumbai, New Delhi, Kolkata, and Chandigarh. The delegation shared the State’s vision for the green hydrogen and green energy sector and held discussions on various opportunities available in Gujarat.

The companies that have expressed interest in investments cater to various sub-sectors such as alternative fuels production, gas/technology-related solutions infrastructure, lithium-ion battery manufacturing, solar PV modules manufacturing, decarbonization initiatives, and green hydrogen production.

Additionally, Danish Maritime companies have also expressed their interest in procuring green methanol and green ethanol from Gujarat ports.

Furthermore, as a part of these visits, various MoUs have been signed with companies like MeOH Giga Battery (Australia) and Australian Premium Solar Pty Ltd (Australia) to expand Gujarat’s renewable energy base. Further, Indian companies like Welspun and Kiri Industries signed MoUs with Lili Navitas (Germany) and Sundronix (Germany) to facilitate the export of Green Hydrogen and Green Ammonia from Gujarat to Europe. Given the huge potential for Green fuel for shipping, Shakti Group has signed a MoU to invest INR 1,000 Crores for manufacturing green methanol, and green ethanol in Gujarat.

Gujarat’s investor-friendly policies, MOUs signed in the lead-up to VGGS 2024, and investments attracted in the state so far are setting the path for Gujarat to become a Global Green Hydrogen Capital.