EU’s bank to support India’s RE mission
NEW DELHI : The European Investment Bank (EIB) will support India’s nascent Indian green hydrogen ecosystem and renewable energy projects with a facility of up to €1billion, the agency said on Thursday. EIB vice-president Kris Peeters will confirm the interest in providing the facility during his upcoming trip to India this week to attend G20 events.
“He will highlight the EIB’s interest in boosting India’s renewable energy ambitions by backing renewable energy generation, as well as enabling technologies and infrastructure for energy storage, power transmission and distribution," the EIB said in a statement. “The aim of the visit is to confirm the EIB’s commitment to future investment under the EU-India Connectivity Partnership, in support of the European Green Deal and the EU Global Gateway strategy, and in support of India’s own ambitious agenda on climate, renewable energy, connectivity and sustainable finance, in particular by supporting projects with strong climate action benefits," the statement added.
India’s National Green Hydrogen Mission aims to boost green hydrogen production and ecosystem. The government has set a target to build capabilities for producing at least 5 million metric tonnes of green hydrogen per annum by 2030.
“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," Peeters said in a statement. “India is a key country of operations for the EIB and hosts the EIB regional representation for South Asia," Peeters added.
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