Finance Minister launches HSBC India’s initiatives for green hydrogen innovation
The Indian Institute of Technology (IIT) Bombay and the Shakti Sustainable Energy Foundation (SSEF) have formed a strategic relationship with HSBC India to advance green hydrogen innovation. The efficiency, cost-effectiveness, and scalability of green hydrogen are being improved through these partnerships, which are supported by a grant of Rs 15 crore.
The collaboration intends to advance green hydrogen as a tactical alternative fuel and achieve India’s goal of being an energy-independent country.
“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 the production, utilization, and export of green hydrogen. I welcome the efforts and partnership of HSBC India, IIT Bombay, and SSEF in addressing the challenges in this segment and working on solutions to make green hydrogen scalable and commercially feasible,” said Finance Minister Nirmala Sitharaman at the launch.
The partnership with IIT Bombay seeks to advance green hydrogen technology by bringing together scientists, researchers, and students from several IITs. The main issues pertaining to the generation, storage, use, and transportation of green hydrogen are the focus of this endeavor.
“Sustainability is a key element of our business, operations, and community investments. We’re delighted to work at the grassroots level as well as with institutions like IIT Bombay and SSEF to foster ideas that will make green hydrogen scalable and commercially feasible,” said Hitendra Dave, CEO, of HSBC India.
Additionally, the collaboration with SSEF focuses on particular Indian states to promote green hydrogen applications in industrial clusters. Through the evaluation of financial, technological, and legislative options, this partnership is expected to significantly increase the effect of green hydrogen in a variety of industries. In short, HSBC’s strategic alliances are poised to hasten India’s transition to a sustainable energy system by simultaneously supporting innovation and sustainability.