Larsen & Toubro (L&T) has signed an agreement with the Indian Institute of Technology (IIT) Bombay to jointly pursue research and development work in the Green Hydrogen value chain. Under the agreement, both the institutions would contribute to the development of the Green Hydrogen industry in India while developing technology in this field. Hydrogen when produced through the electrolysis process using renewable energy is known as Green Hydrogenwhich has no carbon footprint.
The Central Government in February 2022 notified the Green Hydrogen policy aimed at boosting the production of Green Hydrogen and Green Ammonia to help the nation become a global hub for the environmentally friendly version of the molecule. For countries like India, with its ever-increasing oil and gas import bill, Green Hydrogen will help provide crucial energy security by reducing the overall dependence on imported fossil fuels. It should be noted that India has its own ambitious target of becoming net-zero by 2070.
Important takeaways for all competitive exams:
- Larsen & Toubro Limited Founded: 7 February 1938;
- Larsen & Toubro Limited Headquarters: Mumbai, Maharashtra;
- Larsen & Toubro Limited CEO & MD: S.N. Subrahmanyan.