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 EUR 1 billion, subject to Indian Government and EIB approvals.
Bottom(L-R) – Amrit Singh Deo, IH2A; Kris Peeters, Vice President, EIB
Kris Peeters said, “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 implementing 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.”
IH2A is focusing on attracting global climate finance for the development of large-scale hydrogen hub development in India, working with the Government of India, state governments, global hydrogen players and Indian companies.
Jillian Evanko, President and CEO, Chart Industries and Founding Member, IH2A, said, “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 working closely with EIB, investors, industry and the government to help realize hydrogen commercialisation at scale, in the next half decade. This is essential to getting the first few steps of the hydrogen transition right, before we look at 2030 scenarios.”
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.
H.E. Ugo Astuto, EU Ambassador to India said, “The European Investment Bank joining the India Hydrogen Alliance further highlights a Team Europe approach for a green and resilient future, underpinning the EU Global Gateway strategy.”