The European Investment Bank (EIB), the bank of the European Union, formally agreed to join the India Hydrogen Alliance (IH2A) and expand support for large-scale green hydrogen hubs and projects across India with indicative funding of €1 billion, subject to Indian government and EIB clearances. EIB is the biggest international public bank in the world and the leading financier of climate action and renewable energy. The new memorandum of agreement with IH2A will enable the EIB to further promote clean energy investment and boost the growth of green hydrogen in India as a longstanding partner for renewable energy in India and the largest climate financier in the world.

Working with the Indian government, state governments, global hydrogen players, and Indian companies, IH2A is concentrating on attracting global climate funding for the construction of large-scale hydrogen hubs in India. The Indian government’s confirmation of a $2 billion public finance allocation for the National Hydrogen Mission is supported by this memorandum of agreement. In order to plan and carry out large-scale green hydrogen projects and grow the green hydrogen economy in India, this will aid IH2A in bringing together players in the global climate financing sector and funding organisations.

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 would aid the Indian government’s initiatives to commercialise emerging green hydrogen technologies and lower costs through long-term investments in innovation, R&D, green hydrogen hubs, and pilot projects.