NEW DELHI, April 4 (Reuters) - Indian Oil Corp (IOC.NS), the country's top refiner, Larsen & Toubro (LART.NS) and Goldman Sachs-backed renewable energy producer ReNew Power will form a joint venture to develop the green hydrogen sector, helping India cut its carbon emissions.
The three companies have signed a binding term sheet to jointly develop green hydrogen projects, said a joint statement issued on Monday.India, the world's third biggest emitter of carbon dioxide, plans to annually produce 5 million tonnes of green hydrogen by 2030 as it seeks to meet its climate targets and become a production and export hub for the fuel. read more
Indian companies, including the country's richest men Mukesh Ambani and Gautam Adani, had previously announced plans to produce green hydrogen.
State-run refiner and engineering and construction firm L&T and IOC also signed a binding term sheet to form a joint venture for manufacturing electrolysers, used for the production of green hydrogen.
Green hydrogen has some of the best environmental credentials among cleaner-burning fuels and will replace carbon-emitting fuels used in the refinery to process crude oil into value-added products, such as petrol and diesel. Reuters - link - Nidhi Verma - link - more like this (India) - link - more like this (green H2) - link
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