HSBC’s green hydrogen partnerships unveiled by FM
Mumbai: HSBC India has forged strategic alliances with the Indian Institute of Technology (IIT) Bombay and Shakti Sustainable Energy Foundation (SSEF) to propel innovation in Green Hydrogen. These partnerships are backed by a grant of Rs 15 crore to enhance the efficiency, cost-effectiveness, and scalability of green hydrogen.
The partnership aims to prioritize green hydrogen as a strategic alternative fuel and realize India’s vision of an energy-independent nation.
“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, 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 collaboration with IIT Bombay aims to stimulate breakthroughs in green hydrogen technology by enlisting researchers, students, and scientists across IITs. This initiative targets key challenges encompassing green hydrogen production, storage, transportation, and utilization.
“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, HSBC India.
Additionally, the partnership with SSEF zeroes in on specific Indian states to drive real-world applications of green hydrogen in industrial clusters. By evaluating policy, technological, and financial solutions, this collaboration is set to amplify the impact of green hydrogen across diverse sectors. In essence, HSBC’s strategic partnerships are poised to accelerate India’s journey towards a sustainable energy landscape, fostering innovation and sustainability in tandem.
Recommended for you
