The EU’s European Investment Bank (EIB) plans to increase support for green hydrogen hubs and projects across India, indicating funding of €1bn ($1.08bn) pending approval.

The bank is exploring a credit facility with the Indian government to provide public sector investment toward the hydrogen sector’s development.

India last month unveiled a national green hydrogen strategy focused on decarbonising its 5mn t/yr of grey hydrogen consumption by 2030 and potentially cornering 10pc of a globally traded market by that decade. The country has also been courted by the EU as a potential hydrogen export partner—although the government’s renewables minister has stressed the majority of India’s hydrogen will be consumed domestically.

10pc – India’s targeted share of global hydrogen market by 2030

The EIB has also joined the India Hydrogen Alliance, which last year proposed a $575mn green hydrogen hub in the state of Kerala.

“[The EIB] recognises the huge potential of developing and reducing the cost of green hydrogen in India,” says Kris Peeters, vice-president of the EIB.

“Together with industry, national government and state authorities we are exploring how the [EIB] 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.”

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Author: Polly Martin