EIB to Provide Loan EUR 1 Billion for Boosting India’s National Green Hydrogen Mission
India has set a goal to develop capabilities for manufacturing at least 5 million metric tonnes of green hydrogen per annum by 2030.
July 15, 2023. By EI News Network
European Investment Bank (EIB) Vice-President Kris Peeters is visiting India to boost cooperation with Indian public and private entities partners and to deliberate EIB support for clean energy investment and mobility in the nation.
EIB officials stated, “Peeters will confirm EIB’s interest in supporting the recently approved National Green Hydrogen Mission with a facility of up to EUR 1 billion in support of the nascent Indian green hydrogen ecosystem and renewable energy projects.”
It also agreed to raise assistance for huge-scale green hydrogen hubs and projects all over India with indicative funding of EUR 1 billion.
The target of the visit is to approve the EIB’s commitment to future investment under the EU-India Connectivity Partnership, in aid of the European Green Deal and the EU Global Gateway strategy, and in help of India’s own ambitious agenda on climate, renewable energy, connectivity and sustainable finance, specifically by supporting projects with strong climate action benefits.
Peeters stated, “The European Investment Bank, the EU bank, is committed to supporting transformational private and public investment across India, improving access to finance by entrepreneurs and addressing the challenges of a changing climate.”
He further added, “India is a key country of operations for the EIB and hosts the EIB regional representation for South Asia.”
India has set a goal to develop capabilities for manufacturing at least 5 million metric tonnes of green hydrogen per annum by 2030.
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