EIB joins India Hydrogen Alliance
SUMMARY
EIB has increased support for green hydrogen hubs and projects across India with funding of €1bn. [Image: EIB]
By Shardul SharmaPOSTED IN:
The European Investment Bank (EIB), the bank of the European Union, has agreed to join the India Hydrogen Alliance (IH2A) and increase support for green hydrogen hubs and projects across India with funding of €1bn ($1.08bn), it said on February 8.
“The European Investment Bank recognises the huge potential of developing and reducing the cost of green hydrogen in India,” EIB vice-president Kris Peeters said. “Together with industry, national government and state authorities we are exploring how the EU bank might play a role in supporting India’s National Hydrogen Mission to enable the use of green hydrogen to decarbonise energy, industry and transport.”
Peeters said that increased cooperation through the India Hydrogen Alliance will help to implement a national green hydrogen roadmap that delivers India’s energy transition and net-zero carbon plans while strengthening energy security in the years ahead.
IH2A is focusing on attracting global climate finance for large-scale hydrogen hub development in India, working with the government of India, state governments, global hydrogen players and Indian companies.
The EIB said it is currently exploring a credit facility with the Indian government to provide investments in key public sectors supporting the development of the green hydrogen industry. This facility would support the Indian government’s efforts to commercialise upcoming green hydrogen technologies and reduce costs through long-term investment in innovation, R&D, green hydrogen hubs, and pilot projects.
