Mumbai: On Thursday, Finance Minister Nirmala Sitharaman inaugurated strategic alliances initiated by HSBC India aimed at fostering advancements in green hydrogen. The bank has joined forces with the Indian Institute of Technology, Bombay, and the Shakti Sustainable Energy Foundation (SSEF), as highlighted in an official statement.

With a combined grant funding of Rs. 15 crore ($2 million), these dual partnerships will be dedicated to pioneering innovation initiatives. The focus of these projects will be to elevate green hydrogen to a position of prominence as a strategic alternative fuel. Furthermore, the collaborations aspire to establish a resilient economy centered around green hydrogen.

Sitharaman underscored the government's unwavering commitment to driving growth through an array of eco-friendly reforms. She emphasized that these efforts will chart a course towards diminishing carbon footprint across the economy, concurrently fostering the emergence of employment opportunities within the realm of green initiatives. Sitharaman emphasized that green hydrogen assumes a pivotal role in combating climate change and propelling the nation towards a sustainable, low-carbon, and self-sustaining economic paradigm.

According to the official statement, these partnerships are poised to invigorate the National Green Hydrogen Mission spearheaded by the government. The National Hydrogen Energy Mission, introduced during the 2021-22 union budget, stands as a landmark step toward a more ecologically conscious future. This mission lays out a comprehensive roadmap for harnessing alternative energy sources within India.

Tucker, an HSBC representative, conveyed the bank's resolute dedication to advancing a global economy that achieves net-zero emissions by 2050 or even earlier, aligning harmoniously with the goals of the Paris Agreement.

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