In Mumbai Kris Peeters, Vice President of the European Investment Bank (EIB), the bank of the European Union, formally agreed today to join the India Hydrogen Alliance (IH2A) and increase support for large-scale green hydrogen hubs and projects across India with an indicative funding of EUR 1 billion, subject to Indian Government and EIB approvals.
Kris Peeters, Vice President of the European Investment Bank, 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, in order to enable the use of green hydrogen to decarbonise energy, industry and transport. The strengthened cooperation through the India Hydrogen Alliance will contribute to implement a national green hydrogen roadmap that delivers India’s energy transition and net-zero carbon plans alongside strengthening energy security in the years ahead. Joining IH2A builds on the EIB’s global climate engagement and our support for climate action in India over the last three decades.”
Jillian Evanko, President and CEO, Chart Industries and Founding Member, IH2A, said, “We are delighted to partner with 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 EIB’s participation will help solve a key eco-system problem. 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.”
H.E. Ugo Astuto, EU Ambassador to India said: “In September the First EU-India Green Hydrogen Forum was held in Delhi during the visit of Commissioner for Energy Kadri Simson, 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 leading financier of renewable energy and climate action around the world. As a long-standing partner for renewable energy in India, and 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 development of green hydrogen in India.
IH2A is focusing on attracting global climate finance, for development of large-scale hydrogen hub development in India, working with Government of India, state governments, global hydrogen players and Indian companies. This memorandum of understanding follows the Government of India’s confirmation of USD 2 billion public finance allocation for the National Green Hydrogen Mission and 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 to critical 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 accelerate the cost reduction by investing continuously in innovation, R&D, green hydrogen hubs, and pilot projects.
The EIB is financing green hydrogen investment in Europe and working 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 in support of projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors.