European Investment Bank eyes green hydrogen in India, awaits proposals

  • Industry News
  • Dec 06,23
In an earlier statement in 2023, the EIB had expressed its intent to support India's National Green Hydrogen Mission with a facility of up to €1 billion.
European Investment Bank eyes green hydrogen in India, awaits proposals

While maintaining a focus on solar and wind energy, the European Investment Bank (EIB) is expressing a keen interest in venturing into the green hydrogen sector in India. However, as of now, no concrete proposals have been put forth by Indian companies, according to a top executive at the development bank.

Nina Fenton, Head of Regional Representation, South Asia, for EIB, mentioned in an interview that the bank is actively monitoring developments in the green hydrogen space. She emphasised the bank's readiness to participate, either on the public or private sector side, and disclosed ongoing discussions with larger corporates through the Indian Hydrogen Alliance, in which the bank is a member.

In an earlier statement in 2023, the EIB had expressed its intent to support India's National Green Hydrogen Mission with a facility of up to €1 billion. With a track record of around €5 billion in investments in India since 1993, the EIB has primarily focused on public infrastructure, green energy, and supporting private sector firms in the country.

Fenton highlighted the EIB's commitment to contributing technical resources to India's green hydrogen ecosystem, aligning with the European Union's efforts in this direction. While solar and wind energy have received equal attention in the EIB's green energy investments, Fenton mentioned a growing interest in offshore wind, expressing openness to financing proposals in this sector.

India's green energy sector has gained increasing attention from investors and financiers, driven by the government's ambitious targets, aiming for 500 gigawatts of installed renewable energy by 2030 and achieving net-zero carbon emissions by 2070. The International Energy Agency (IEA) projects a doubling of total investment in clean energy supply and technology manufacturing in India by 2030. However, the IEA's World Energy Outlook 2023 emphasises the need for a threefold increase in clean energy investments for India to meet its net-zero emissions targets.

The country's investment promotion agency, Invest India, estimates a significant investment opportunity of around $216 billion in the renewable energy sector, with numerous projects underway across various districts. Notably, the capital-intensive segments of green hydrogen and offshore wind are expected to witness substantial investments, supported by the Indian government's initiatives, including the National Green Hydrogen Mission and incentive schemes for green hydrogen production. The government is also planning viability gap funding for offshore wind projects, particularly along the coastlines of Tamil Nadu and Gujarat, with auctions slated for offshore wind sites in Tamil Nadu.

Source: Live Mint

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