In Mumbai, Kris Peeters, Vice-President of the European Investment Bank (EIB), the bank of the European Union, formally agreed to join the India Hydrogen Alliance (IH2A) and increase support for large-scale green hydrogen hubs and projects across India with indicative funding of €1 billion, subject to the Indian government and EIB approvals.
EIB Vice-President Kris Peeters said: “The European Investment Bank recognises the huge potential of developing and reducing the cost of green hydrogen in India. 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. 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. Joining IH2A builds on the EIB’s global climate engagement and support for climate action in India over the last three decades.”
Jillian Evanko, President and CEO of Chart Industries and Founding Member of IH2A, said: “We are delighted to partner with the EIB to bring much-needed funding to help develop the green hydrogen economy in India. Funding for large-scale green hydrogen projects is nascent and the EIB’s participation will help solve a key ecosystem problem. We look forward to working closely with the EIB, investors, industry and the government to help commercialise hydrogen at scale over the next half decade. This is essential to getting the first few steps of the hydrogen transition right, before we look at 2030 scenarios.”
EU Ambassador to India Ugo Astuto said: “In September, the First EU-India Green Hydrogen Forum was held in Delhi during European Commissioner for Energy Kadri Simson’s visit, strengthening EU-India clean energy cooperation. The European Investment Bank joining the India Hydrogen Alliance today further highlights a Team Europe approach for a green and resilient future, underpinning the EU Global Gateway strategy.”
The European Investment Bank is the world’s largest international public bank and the globe’s leading financier of renewable energy and climate action. As a longstanding partner for renewable energy in India and the largest climate financier in the world, the new memorandum of understanding with IH2A will enable the EIB to further support clean energy investment and back the development of green hydrogen in India.
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. This memorandum of understanding underpins the Indian government’s confirmation of a $2 billion public finance allocation for the National Hydrogen Mission. This will support IH2A in bringing together global climate finance players and funding agencies to work with industry players and government agencies to plan and execute large-scale green hydrogen projects and develop the green hydrogen economy in India.
The EIB 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.
The EIB finances green hydrogen investment in Europe and works closely with partners across Africa, Latin America and Asia to accelerate large-scale green hydrogen investment.
This project, supporting climate action, forms part of the EU’s Global Gateway initiative supporting projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors.
Image source: Courtesy of EIB
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