Finance Minister Launches HSBC's Green Hydrogen Partnership The partnerships are expected to help boost the government's National Green Hydrogen Mission, which is providing policy support towards achieving global leadership in green hydrogen transition
By Teena Jose •
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Finance minister Nirmala Sitharaman on Thursday announced the launch of HSBC India's strategic partnerships towards enabling innovation in green hydrogen. HSBC India has partnered with IIT (Indian Institute of Technology) Bombay and Shakti Sustainable Energy Foundation (SSEF) to pursue technological advancements to make green hydrogen more efficient, cost-effective, and scalable.
"These two partnerships, with total grant support of INR 15 crore or about $2 million will focus on innovation projects that will help prioritise green hydrogen as a strategic alternate fuel, help in building a robust, green hydrogen economy, and achieve the government's vision of an energy-independent nation," said in a statement.
The partnerships are expected to help boost the government's National Green Hydrogen Mission, which is providing policy support towards achieving global leadership in green hydrogen transition.
According to the finance minister, the government is focused on driving green growth through a range of reforms that are compatible with its environmental objectives.
"This will provide a roadmap towards reducing carbon intensity in the economy and enable the creation of green job opportunities. Green hydrogen has a pivotal role to play as we counter climate change and work towards enabling a low-carbon and self-reliant economy. We're aiming to make India a global hub for production, utilization and export of green hydrogen," said Sitharaman in the statement.
The partnership with IIT Bombay is expected to help encourage researchers, scientists, and students across IITs to develop breakthrough technologies and solutions that address key challenges in green hydrogen production, storage, transportation, and utilization
"We're committed to helping deliver a net zero global economy by 2050 or earlier in line with the Paris Agreement goals. We are providing finance to accelerate climate change solutions and building partnerships to drive technological breakthroughs, foster collaboration and support innovation towards enabling a green hydrogen economy," said Mark Tucker, Group Chairman, HSBC, noted in the statement.
