EEX, IGX and GIZ Collaborate to Develop Hydrogen Trading Market in India
The European Energy Exchange (EEX) and the Indian Gas Exchange (IGX), in collaboration with GIZ, have partnered to support the development of India's hydrogen trading market under Germany's H2Uppp program.
October 16, 2024. By Mrinmoy Dey
This cooperation project takes place under the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), which aims to promote projects and market development for green hydrogen in selected emerging countries.
The collaboration will initially focus on gathering market insights, as well as on engaging and developing a local community in order to establish and develop this market in the future.
The project parties will bring together stakeholders from production, trading, transport and consumption, including policymakers and regulators, and jointly build up an action plan with the mid-term goal to offer an index and trading services for hydrogen in India.
Commenting on the development, Peter Reitz, CEO of EEX, said, “With hydrogen expected to play a crucial role in the energy transition, it is important to have a global focus when developing this sector. We are delighted to contribute our market-building expertise to this cooperation and support the local hydrogen community on this journey.”
Rajesh Mediratta, Managing Director and CEO of IGX, added, “With our experience in creating energy markets in India, we’re excited to use that knowledge to build the hydrogen market. This partnership is a significant milestone for the Indian green energy sector. We look forward to jointly develop this market in line with global best practices.”
Tobias Winter, Director Indo-German Energy Forum Support Office at GIZ, remarked, “We are delighted to bring EEX and IGX together to initiate trading of hydrogen in India. The establishment of an Indian hydrogen price index particularly for green hydrogen would send price signals not only to the Indian market but also to interested offtakers globally. Another step of India to become a global green hydrogen hub.”
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