Green Hydrogen : HSBC India’s Game-Changing Partnerships Unveiled
In a significant move towards fostering innovation in the field of green hydrogen, Finance Minister Nirmala Sitharaman officially launched HSBC India’s strategic partnerships with the Indian Institute of Technology, Bombay, and the Shakti Sustainable Energy Foundation (SSEF). This initiative, aimed at advancing the adoption of green hydrogen as a vital alternative fuel, was announced by the bank through a statement.
With a combined grant support amounting to ₹15 crore ($2 million), these two partnerships are set to embark on groundbreaking innovation projects. These projects are strategically designed to prioritize green hydrogen and contribute to the development of a robust green-hydrogen economy.
Finance Minister Sitharaman emphasized the government’s dedication to driving economic growth through a series of impactful green reforms. She noted, “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.”
HSBC India’s collaborations with the Indian Institute of Technology, Bombay, and SSEF align seamlessly with the goals of the National Green Hydrogen Mission set by the government. This mission, part of the larger National Hydrogen Energy Mission announced in the union budget of 2021-22, marks a significant step towards a greener future. It lays down a comprehensive roadmap for harnessing alternative energy sources to drive sustainable growth in India.
Daniel Tucker, Head of Commercial Banking, HSBC India, highlighted the bank’s commitment to realizing a net-zero global economy by 2050 or even earlier, in line with the ambitious goals of the Paris Agreement. He mentioned that these partnerships play a pivotal role in facilitating innovation and collaboration, which are key drivers for achieving these targets.
The partnership with the Indian Institute of Technology, Bombay, and SSEF not only underscores HSBC’s commitment to sustainable finance and innovation but also resonates with India’s broader efforts to tackle climate change and transition towards clean and renewable energy sources. Through these initiatives, HSBC India is contributing to the acceleration of green hydrogen technologies, which hold tremendous promise for decarbonizing sectors such as transportation and heavy industries.
As HSBC India continues to champion sustainable finance, these strategic partnerships will undoubtedly catalyze the development and deployment of green hydrogen technologies. By nurturing innovation and fostering collaborations with esteemed institutions and organizations, HSBC India is playing a vital role in steering the country towards a more sustainable and environmentally responsible future.
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