EIB and IH2A Collaborate to Boost Green Hydrogen Development in India
Key Ideas
- The European Investment Bank (EIB) has pledged €1 billion to bolster green hydrogen projects in India through a partnership with the India Hydrogen Alliance (IH2A).
- This funding aims to support India's National Hydrogen Mission and facilitate the decarbonization of energy, industry, and transport through the utilization of green hydrogen.
- The collaboration between EIB and IH2A, along with the Indian government's allocation of $2 billion, will drive the development of large-scale green hydrogen projects and contribute to India's energy transition.
- The EIB's involvement signals a significant step forward in promoting clean energy investments and strengthening energy security while advancing the green hydrogen economy in India.
The European Investment Bank (EIB) has partnered with the India Hydrogen Alliance (IH2A) to provide substantial financial support for green hydrogen projects in India. The EIB, known for its commitment to renewable energy and climate action, has allocated €1 billion to drive the development of green hydrogen in India, pending approvals. This collaboration aims to align with India's National Hydrogen Mission, focusing on utilizing green hydrogen to reduce carbon emissions in various sectors. By working closely with IH2A, the EIB plans to implement a national green hydrogen roadmap that will support India's transition to clean energy and achieve its net-zero carbon goals. The partnership also aims to attract global climate finance for large-scale hydrogen hub development in India. Through this initiative, the EIB and IH2A will join forces to leverage public and private investments to commercialize green hydrogen technologies and establish green hydrogen hubs. By facilitating the commercialization of green hydrogen, the EIB's partnership with IH2A will contribute significantly to India's energy security and climate goals.