The European Investment Bank (EIB) has formally committed to join the India Hydrogen Alliance (IH2A) and expand support for large-scale green hydrogen hubs and projects throughout India with an indicative investment of one billion euros. The new Memorandum of Understanding with IH2A would allow the EIB to assist clean energy investment and support green hydrogen development in India, according to the official press release.
"The EIB is presently investigating a credit facility with the Indian government to give investments to crucial public sectors supporting the growth of the green hydrogen economy. According to the press release, this facility would aid India's initiatives to commercialise emerging green hydrogen technologies and quicken cost reduction through ongoing investments in innovation, R&D, green hydrogen hubs, and pilot projects.
The EIB is aware of India's enormous potential for developing and lowering the price of green hydrogen. In order to enable the use of green hydrogen to decarbonize energy, industry, and transportation, we are investigating how the EU
Bank might support India's National Hydrogen Mission together with business, the federal government, and state authorities, said Kris Peeters, vice president of the European Union Bank. He continued by saying that the IH2A's expanded cooperation will help put into action a national green hydrogen roadmap that will advance India's ambitions for an energy transition and net-zero carbon emissions. Peeters stated that the EIB's participation in IH2A "builds on the global climate involvement of the EIB and our support for climate action in India over the previous three decades."
According to Jillian Evanko, President and CEO of Chart Industries and a founding member of IH2A, finance for large-scale green hydrogen projects is still in its infancy, and the EIB's involvement will assist address a crucial eco-system issue.
"We are eager to collaborate closely with the EIB, investors, business, and government to realise hydrogen commercialization at scale, in the upcoming five years. Before we consider 2030 scenarios, this is a crucial component of getting the first few stages of the hydrogen transition correct. The European Investment Bank is the biggest international public bank in the world and a key backer of climate action and renewable energy.
"During the visit of Energy Commissioner Kadri Simson to India in September, the First EU-India Green Hydrogen Forum was held in Delhi, advancing renewable energy cooperation between the two countries. The EU Ambassador to India, Ugo Astuto, stated that the EIB's participation in the India Hydrogen Alliance today "further shows a Team Europe approach for a green and resilient future, underpinning the EU Global Gateway strategy."
IH2A is collaborating with the Indian government, state governments, international hydrogen players, and Indian businesses while concentrating on obtaining global climate finance for the construction of large-scale hydrogen hubs in India.
