The European Investment Bank (EIB) has announced its support for India’s National Green Hydrogen Mission by offering a loan facility of up to €1 billion. The loan aims to assist India in developing its nascent green hydrogen ecosystem and renewable energy projects. EIB Vice-President Kris Peeters will confirm the lender’s interest in providing the loan during his visit to India this week to attend G20 events.
EIB’s Commitment to India’s Renewable Energy Ambitions
The Vice-President Kris Peeters will emphasize the EIB’s interest in backing India’s renewable energy generation and enabling technologies. The EIB aims to support renewable energy projects and the development of infrastructure for energy storage, power transmission, and distribution. The loan facility aligns with the European Green Deal, EU Global Gateway strategy, and India’s own agenda on climate, renewable energy, connectivity, and sustainable finance.
India’s National Green Hydrogen Mission
India’s National Green Hydrogen Mission seeks to enhance the production and ecosystem of green hydrogen. The government aims to establish capabilities for producing at least 5 million tonnes of green hydrogen per year by 2030. The EIB’s loan support will contribute to the mission’s objectives and bolster India’s efforts in advancing the use of green hydrogen.
EIB’s Commitment to Transformational Investments
The EIB, also known as the EU bank, is committed to supporting transformative private and public investments across India. The institution aims to improve access to finance for entrepreneurs and address the challenges posed by climate change. India holds strategic importance for the EIB, which is evident from the establishment of its regional representation for South Asia in the country.
Strengthening EU-India Connectivity Partnership
The EIB’s visit to India is aimed at reinforcing the commitment to future investments under the EU-India Connectivity Partnership. This partnership aims to support India’s sustainable development goals, climate action, renewable energy, connectivity, and sustainable finance. The EIB’s loan support for green hydrogen and renewable energy projects aligns with the objectives of the EU-India Connectivity Partnership, the European Green Deal, and the EU Global Gateway strategy.