HSBC India’s strategic partnerships aim to provide a roadmap towards reducing carbon intensity in the economy and enable the creation of green job opportunities
Finance Minister Nirmala Sitharaman on Thursday said the government is aiming to make India a global hub for production, utilisation and export of green hydrogen.
Speaking at the launch of HSBC India’s strategic partnerships towards enabling innovation in Green Hydrogen, the minister said the government is focused on driving green growth through a range of green reforms.
The initiative, she said 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, utilisation and export of green hydrogen," Sitharaman said, as per an HSBC release.
HSBC India has partnered with IIT 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 Rs 15 crores (about USD 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, the release said.
Speaking on the occasion, Group Chairman of HSBC Mark Tucker said: "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."
Subhasis Chaudhuri, Director, IIT Bombay, said that moving towards sustainable and clean sources of energy is a crucial step in the global fight against climate change.
Green Hydrogen, with its applications across industries including transportation, will occupy a vital space in global energy, Chaudhuri said.