Finance Minister Nirmala Sitharaman introduces HSBC India's Green Hydrogen Partnerships

Finance Minister Nirmala Sitharaman launched HSBC India’s partnerships aimed at innovation in Green Hydrogen. That includes partnerships with IIT Bombay and Shakti Sustainable Energy Foundation to pursue technological advancements to make green hydrogen more efficient, cost-effective, and scalable.

"These two partnerships, with total grant support of Rs 15 crore (USD 2 mn), will focus on innovation projects that will help prioritize green hydrogen as a strategic alternate fuel, help in building a robust, green hydrogen economy, and achieve the government’s vision of an energy-independent nation," the bank said in a statement.

Sitharaman launched the partnership in the presence of Mark Tucker, Group Chairman, HSBC; Hitendra Dave, CEO, HSBC India; Jamshyed Godrej, Chairperson of the Board, Shakti Sustainable Energy Foundation; and Ravindra Gudi, Dean, Alumni and Corporate Relations, IIT Bombay.

"Green hydrogen has a pivotal role to play as we counter climate change and work towards enabling a low-carbon and self-reliant economy. We are aiming to make India a global hub for production, utilization and export of green hydrogen," Sitharaman said.

She added the government is focused on driving green growth through a range of green reforms, and this will provide a roadmap towards reducing carbon intensity in the economy and enable the creation of green job opportunities. The partnership with IIT Bombay will encourage researchers, scientists, and students across IITs to develop breakthrough technologies and solutions that address key challenges in green hydrogen production, storage, transportation, and utilization.