Schedule a Call Back
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.
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
EIB
Green Hydrogen
India
Investment
Renewable Energy
Indian Companies
National Green Hydrogen Mission
European Investment Bank
South Asia
Related Stories
Auto & Auto Components
Pricol Partners with Italy's Domino to Advance Two-Wheeler Control Technologies
Pricol Limited joins hands with Italy’s Domino S.r.l. to deliver advanced two-wheeler handlebar control systems across India and Southeast Asia, reinforcing its innovation-driven growth strategy.
Read moreAuto & Auto Components
AM/NS India opens Continuous Galvanising Line for High-Strength Automotive Steel
New facility engineered to manufacture world-class specialised, high-grade steel for automotive applications, with strength levels up to 1180 MPa; to substitute imports. The modern unit is part of t..
Read moreAerospace Defence
BonV Aero Advances Dual-Use eVTOLs for Defence and Disaster Relief Sectors
BonV Aero’s indigenous UAVs support both the Indian Army and emergency services, showcasing their utility during flash floods in Sikkim and operations along the LAC.
Read moreRelated Products
Air Generators
GAS GENERATION & GAS PURIFICATION PLANTS
Enersys offers a wide range of hot air generators. Read more
Gas Roaster
GAS GENERATION & GAS PURIFICATION PLANTS
Fans Bro Erectors offers roaster machine with LPG/CNG gas heating arrangements. Read more
Gas Purification System
GAS GENERATION & GAS PURIFICATION PLANTS
PCI Analytics offers a wide range of GC gas purification system. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
