The European Investment Bank (EIB) has formally agreed to join the India Hydrogen Alliance (IH2A) and increase its support for large-scale green hydrogen hubs and projects across India with indicative funding of €1 billion, subject to Indian government and EIB approvals. The alliance aims to bring industry, investors and government agencies together on green hydrogen hubs and projects.
The EIB is the world’s largest international public bank and the globe’s leading financier of renewable energy and climate action. 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. As a longstanding partner for renewable energy in India and the largest climate financier in the world, the new memorandum of understanding (MoU) 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 MoU 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 will support the Indian government’s efforts to commercialise upcoming green hydrogen technologies and reduce costs through long-term investment in innovation, research and development, green hydrogen hubs, and pilot projects.