European Investment Bank eyes green hydrogen to add to India renewables push

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Alliance, of which the bank is a part. Earlier in 2023, the bank had stated its interest in supporting India’s National Green Hydrogen Mission with a facility of up to €1 billion. The EIB is the lending arm of the European Union (EU), with around €5 billion in investments in India since 1993.

The bank’s investments in the country have focused on public infrastructure, green energy and on providing support to Indian private sector firms. The EU, Fenton said, is working to lend a helping hand to the green hydrogen ecosystem and the EIB is hoping to bring in more technical resources to India. Other renewable technologies have also been focus areas for the EIB’s green energy investments.

“Of what we’ve done so far, it’s about 50:50 towards solar and wind, and a tiny bit of hydro," Fenton said, adding that the EIB is also keeping its eyes on offshore wind, and “we will be very happy if a financing proposal comes to it." The green energy space in India is getting increasing investor and financier focus as the government plans to ramp up renewable energy installation and achieve 500 gigawatt (GW) of installed renewable energy in the country by 2030, and net-zero carbon emissions by 2070. These objectives have resulted in high potential for investments in the green energy space. The International Energy Agency (IEA) projects that the total investment in clean energy supply and clean technology manufacturing in India would double by 2030 from $60 billion in 2022.