New Delhi, Feb 9 (KNN) European Investment Bank (EIB) has agreed to help the India Hydrogen Alliance (IH2A) with indicative funding of EUR 1 billion to increase large-scale green hydrogen hubs and projects across India.

Making the agreement formal, Kris Peeters, Vice President of the European Investment Bank (EIB), the bank of the European Union, said that it is subject to Indian Government and EIB approvals.

“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,” said Peeters.

He asserted that 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,” added Peeters.

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.  (KNN Bureau)