The embargo on rare-earth magnets by China reflects a gap in India’s critical mineral supply chain. India should reduce the need for these minerals by promoting green hydrogen.

The ongoing Russia-Ukraine war has increased global oil prices and highlighted India's vulnerability to price shocks. Green hydrogen is a viable alternative for India to diversify its energy sources and maintain energy security. It will need a concerted effort by government, private companies and start-ups with venture funds focused on green hydrogen.

Last month, the Government of India released its Green Hydrogen Policy with the goal of boosting energy self-reliance and inspiring clean energy transitions. The time is right for the Indo-Pacific economies to finance green hydrogen projects and integrate them into supply chains.