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Business News/ News / India/  Finance minister launches HSBC India's green hydrogen partnerships
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Finance minister launches HSBC India's green hydrogen partnerships

The two partnerships will focus on projects that will help prioritise green hydrogen as a strategic alternative fuel, the bank said

The partnerships will have a total grant support of ₹15 crore ($2 million), HSBC saidPremium
The partnerships will have a total grant support of 15 crore ($2 million), HSBC said

Mumbai: Finance Minister Nirmala Sitharaman on Thursday launched HSBC India’s strategic partnerships to enable innovation in green hydrogen, partnering with the Indian Institute of Technology, Bombay and Shakti Sustainable Energy Foundation (SSEF), the bank said in a statement.

These two partnerships, with total grant support of 15 crore ($2 million), the bank said, will focus on innovation projects that will help prioritize green hydrogen as a strategic alternative fuel and help build a robust green-hydrogen economy.

Sitharaman said the government is focused on driving growth through a range of green reforms. “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," said Sitharaman.

According to the statement, the partnerships will help boost the government’s National Green Hydrogen Mission. The National Hydrogen Energy Mission, announced in the union budget 2021-22, is a step towards a greener future that will lay down the roadmap for tapping alternative sources of energy in India.

Tucker said HSBC is committed to helping deliver a net-zero global economy by 2050 or earlier, in line with the Paris Agreement goals.

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Published: 25 Aug 2023, 09:33 AM IST
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