EIB, ADB, WB to provide $27 bn for green energy

The European Investment Bank (EIB) will be our Hydrogen ally and would support developing large-scale industry hub with a funding of 1 billion Euros.

The Asian Development Bank (ADB) has recently conveyed their intent to provide $20–$25 billion over five years to aid India’s aspirations for green growth. That’s not all, The World Bank has approved $1.5 billion in financing to support India’s low-carbon transition journey,” said Minister for Petroleum and Natural Gas Hardeep Singh Puri.

Addressing the valedictory session of the International Conference on Green Hydrogen-2023, Puri said that there is now a global consensus that we need to make a transition to renewable energy.

The petroleum minister also said that India is 4th in terms of installed renewable energy capacity and has achieved some of the lowest long-term levelised costs for solar and wind power generation.

Terming PSUs as the major game changers for ensuring a smooth transition to a Green Hydrogen economy, the petroleum minister said, “The PSUs are focussed on ensuring a Hydrogen based economy.

Talking about the importance of public and private players coming together for bringing the future fuel to the global platform, the petroleum minister said that several review meetings at the industry-level are regularly being undertaken for finding out ways to boost the hydrogen production capacity in India.