European Investment Bank (EIB) on Wednesday said it will formally join the India Hydrogen Alliance (IH2A) and support large-scale green hydrogen hubs and projects with an indicative funding of 1 billion euros. However, the funding will be subject to approval from the Indian government, the EIB said.
“In Mumbai Kris Peeters, Vice President of EIB, 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,” the lending arm of the European Union (EU) said in a statement.
The India Hydrogen Alliance is an industry coalition of global and Indian companies committed to the creation of a hydrogen value-chain and economy in India. The EIB recognises the huge potential of developing and reducing the cost of green hydrogen in India, Peeters said.
Together with industry, Indian government and state authorities EIB is 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, Peeters said.
IH2A will contribute to implement a national green hydrogen roadmap that delivers the country’s energy transition and net-zero carbon plans alongside strengthening energy security in the years ahead, he said