The European Investment Bank (EIB) is strengthening its ties with India, aiming to foster collaboration with both public and private sector partners. EIB Vice-President Kris Peeters is visiting India to explore opportunities for investment in clean energy and transport sectors in the country.
The EIB is keen on supporting India’s National Green Hydrogen Mission, recently approved by the government, and is considering providing a facility of up to EUR 1 billion to support the emerging green hydrogen ecosystem and renewable energy projects in India. Additionally, the EIB aims to boost India’s renewable energy ambitions by financing renewable energy generation, enabling technologies, and critical infrastructure for energy storage, power transmission, and distribution.
Earlier this year, the EIB became a member of the India Hydrogen Alliance (IH2A), a global and Indian coalition focused on establishing a hydrogen value chain and economy in India. This partnership underlines the EIB’s dedication to supporting large-scale green hydrogen hubs and projects across India. The EIB has set aside indicative funding of EUR 1 billion to facilitate the development and deployment of green hydrogen initiatives, which play a crucial role in achieving India’s sustainable energy objectives.
India has set ambitious goals to enhance its renewable energy capacity and reduce its carbon footprint. The collaboration between EIB and India will contribute significantly to these objectives. By supporting the National Green Hydrogen Mission, the EIB aims to accelerate the adoption of green hydrogen as a clean and sustainable fuel source. Green hydrogen, produced using renewable energy sources, has the potential to revolutionize sectors such as transportation, power generation, and industrial processes, reducing carbon emissions and promoting a more sustainable future.
The EIB’s commitment to supporting India’s clean energy transition underscores the importance of international collaboration in combating climate change and fostering sustainable development. By leveraging its financial resources and expertise, the EIB aims to facilitate the growth of renewable energy generation, energy storage solutions, and sustainable transportation infrastructure in India. This partnership will not only contribute to India’s climate goals but also serve as an inspiring example for other nations striving for a greener and more sustainable future.
