The European Investment Bank (EIB), the financial institution of the European Union, has teamed up with the India Hydrogen Alliance (IH2A) to enhance support for green hydrogen projects across India. As the world’s largest international public bank and a key financier of renewable energy and climate initiatives, the EIB has committed to providing indicative funding of €1 billion, pending approvals from both the Indian government and the EIB. This initiative aims to boost clean energy investments and promote the development of green hydrogen in India, reported Fuelcellworks.com.
EIB Vice-President Kris Peeters highlighted the significant potential for green hydrogen development in India. The EIB is assessing how it can contribute to India’s National Hydrogen Mission, which seeks to use green hydrogen to decarbonize energy, industry, and transportation. Strengthened collaboration through the India Hydrogen Alliance will aid in implementing a national roadmap for green hydrogen, supporting India’s energy transition and net-zero carbon objectives while enhancing energy security in the future.
Jillian Evanko, President and CEO of Chart Industries and a founding member of IH2A, expressed enthusiasm about collaborating with the EIB to secure essential funding for India’s green hydrogen economy. She noted that the EIB’s involvement would address a critical ecosystem challenge and emphasized the desire to work closely with the EIB, investors, industry leaders, and government to scale up hydrogen commercialization over the next five years.
IH2A aims to attract global climate financing for the large-scale development of hydrogen hubs in India. The memorandum of understanding between the EIB and IH2A aligns with the Indian government’s commitment of $2 billion in public financing for the National Hydrogen Mission. This collaboration will enable IH2A to connect global climate finance entities and funding agencies with industry stakeholders and government agencies to plan and execute significant green hydrogen projects.
Additionally, the EIB is considering a credit facility with the Indian government to invest in essential public sectors that support the growth of the green hydrogen industry. This facility will bolster the government’s efforts to commercialize emerging green hydrogen technologies and lower costs through long-term investments in innovation, research and development, green hydrogen hubs, and pilot projects.
In summary, the EIB’s partnership with IH2A is set to play a pivotal role in advancing climate action and developing the green hydrogen sector in India. This initiative is part of the EU’s Global Gateway program, which supports projects aimed at enhancing global and regional connectivity in various fields, including climate, energy, and education.
