A formal agreement was made in Mumbai by Kris Peeters, Vice President of the European Investment Bank (EIB), the bank of the European Union, to join the India Hydrogen Alliance (IH2A) and increase support for large-scale green hydrogen hubs and projects throughout India with an indicative funding of EUR 1 billion, subject to Indian Government and EIB approvals.
The European Investment Bank is the biggest international public bank in the world and a key backer of climate change and renewable energy initiatives globally. The new Memorandum of Understanding with IH2A would allow the EIB to further promote clean energy investment and boost the growth of green hydrogen in India as a long-time partner for renewable energy in India and the largest climate financier in the world.
In collaboration with the Indian government, state governments, international hydrogen players, and Indian businesses, IH2A is concentrating on attracting global climate finance for the establishment of large-scale hydrogen hubs in India. Following the Government of India’s announcement that USD 2 billion in public funds will be allocated for the National Green Hydrogen Mission, this memorandum of understanding will assist IH2A in bringing together global climate finance players and funding agencies, in order to work with industry players and governmental agencies to plan and carry out significant green hydrogen projects, as well as to develop the green hydrogen economy in India.
In order to fund vital public sectors that promote the growth of the green hydrogen economy, the EIB is presently looking into a credit arrangement with the Indian government. By consistently funding innovation, research and development, green hydrogen hubs, and pilot projects, this institution would assist the Indian government’s attempts to commercialize emerging green hydrogen technology and speed up cost reduction.
Across order to speed large-scale green hydrogen investment, the EIB is funding green hydrogen projects in Europe and collaborating closely with partners in Africa, Latin America, and Asia.
The EU’s Global Gateway Initiative, which supports initiatives to increase global and regional connectivity in the digital, climate, transport, health, energy, and educational sectors, includes this project, which supports climate action.