Multilateral development banks pledge upto $27 bn for India's green growth

The government commits to green hydrogen development, encourages collaboration with private sector as global demand for hydrogen is expected to reach 200 million tons by 2030

The European Investment Bank (EIB) has pledged one billion euros to develop a large-scale hydrogen industry hub, while the Asian Development Bank (ADB) intends to provide $20-$25 billion over five years to support India's green growth during  International Conference on Green Hydrogen (ICGH-2023), held between July 5 and July 7 in India. The World Bank has also approved $1.5 billion to aid India's low-carbon transition journey.

“The European Investment Bank (EIB) will be our Hydrogen ally and would support for developing large scale Industry hub with a funding of 1 billion Euros. The Asian Development Bank (ADB) has recently conveyed their intent to provide $20–$25 billion over five years to aid India’s aspirations for green growth. That’s not all, The World Bank has approved $1.5 Billion in Financing to Support India’s Low-Carbon transition journey”, said Hardeep Singh Puri.

During the ICGH-2023, the Government of India showcased its dedication to ramping up green hydrogen production and aligning with global trends. The conference brought together stakeholders from India and worldwide, engaging in discussions on technology, applications, policy, and regulation.

Hardeep Singh Puri emphasised the importance of transitioning to a hydrogen-based economy during the conference.

"India requires active support and collaboration from all stakeholders, and with the recent launch of the National Green Hydrogen Mission, the government is committed to achieving this goal," he said.

India ranked fourth globally in terms of installed renewable energy capacity and achieving cost-effective solar and wind power generation. The country also has many advantages on the renewable energy front due to its abundant solar energy, investments in the power grid, favorable climate, sufficient resources, and strong supply chain for green hydrogen production.

Hardeep Singh Puri also announced that public sector units (PSUs) have set a target to produce over one million metric tonnes (MMT) of green hydrogen by 2030 to better  facilitate the transition to a green hydrogen economy.

This comes at a time when the International Energy Agency (IEA) estimates that global hydrogen demand will reach 200 million tonnes by the same time.

Puri emphasised the importance of public and private collaboration in promoting green hydrogen on a global scale. Regular industry-level review meetings are being conducted to enhance hydrogen production capacity in India. The government aims to promote the uptake of green hydrogen in refineries and city gas distribution (CGD) through both public and private sector entities, phasing out fossil fuels and aiding decarbonisation efforts.

Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, highlighted the Hydrogen Mission's potential to create jobs, and boost global trade. He emphasised the three principles of affordability, accessibility, and acceptability.