The Indian Renewable Energy Development Agency (IREDA) and the European Investment Bank (EIB) are exploring a partnership to finance renewable energy and green hydrogen projects in India. The collaboration is aimed at supporting India’s transition to a low-carbon economy and promoting sustainable development.
The two organizations are discussing the possibility of providing long-term financing for projects in the renewable energy and green hydrogen sectors, including solar, wind, and other clean energy technologies. The financing will be available to both public and private sector projects.
IREDA is a leading financial institution in India that promotes the development and deployment of renewable energy projects, while EIB is the European Union’s financing institution. The collaboration between the two organizations is expected to bring together their expertise and resources to support India’s clean energy transition.
The announcement of the partnership comes at a time when India is scaling up its efforts to achieve its renewable energy targets and reduce its carbon emissions. The country has set a target of installing 450 GW of renewable energy capacity by 2030 and aims to achieve net-zero emissions by 2070.
Green hydrogen is also emerging as a key area of focus for India, as it has the potential to play a significant role in decarbonizing the country’s energy sector. The government has announced plans to develop a national hydrogen mission, and several public and private sector entities are already working on pilot projects.
The partnership between IREDA and EIB is expected to provide a significant boost to India’s renewable energy and green hydrogen sectors and help accelerate the country’s clean energy transition. The collaboration is also seen as a positive step towards strengthening the strategic partnership between India and the European Union.