The European Investment Bank (EIB) has pledged to provide indicative funding of EUR 1 billion (USD 1.07bn) to support large-scale green hydrogen hubs and projects across India.
The EU lending institution announced the funding commitment as it signed a memorandum of understanding with the India Hydrogen Alliance (IH2A) today in Mumbai. EIB formally agreed to join IH2A, which is focused on securing global climate finance large-scale hydrogen hub development in India.
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“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, in order to enable the use of green hydrogen to decarbonise energy, industry and transport,” said EIB vice president Kris Peeters.
The National Green Hydrogen Mission was approved recently with an outlay of INR 197 billion (IUSD 2.39bn/EUR 2.22bn).
“We look forward to work closely with EIB, investors, industry and the government to help realize hydrogen commercialisation at scale, in the next half decade. This is an essential part of getting the first few steps of the hydrogen transition right, before we look at 2030 scenarios,” said Jillian Evanko, president and CEO of IH2A founding member Chart Industries Inc (NYSE:GTLS).
EIB said that at the moment it is considering a credit facility with the Indian government to support public sectors in the development of the green hydrogen industry. This will help the Indian government’s ability to commercialise green hydrogen technologies through investments in research and innovation, green hydrogen hubs and pilot projects.
(EUR 1.0 = USD 1.073)
(INR 1 = USD 0.012/EUR 0.011)