EIB joins IH2A to Fund Large-Scale Green Hydrogen Projects in India with 1 Billion Euros

Current context: Kris Peeters, Vice-President of the European Investment Bank (EIB), has agreed to become a part of the India Hydrogen Alliance (IH2A) in order to offer support for green hydrogen initiatives and projects in India with an initial investment of 1 billion Euros.

• This investment is subject to approval from both the Indian government and the EIB. The EIB is the lending arm of the European Union and is a major financer of clean energy and climate action.
• The new MoU with IH2A will allow the EIB to further promote investment in clean energy and the development of green hydrogen in India.
• The IH2A is a global and Indian industry alliance that aims to establish a hydrogen economy in India.
• The EIB is considering a credit facility with the Indian government to boost the growth of the green hydrogen industry in India by investing in the public sector.
• This facility will support India's efforts to commercialize new green hydrogen technologies and reduce costs by investing in innovation, R&D, green hydrogen hubs, and pilot projects.
• The IH2A will aid India in achieving its targets for a carbon-free future and a transition to clean energy by implementing a national green hydrogen roadmap.
• The IH2A is focusing on attracting climate finance from around the world for the development of large-scale hydrogen hubs in India, in collaboration with the Government of India, state governments, global hydrogen players, and Indian companies.
• This project is part of the EU's 'Global Gateway Initiative,' which promotes projects that increase connectivity in various sectors, including energy, health, education, transport, climate, and digital.
• The first EU-India Green Hydrogen Forum was held in Delhi in September 2022, furthering clean energy cooperation between the EU and India.

Question:

Q.1 What is the purpose of the European Investment Bank (EIB) joining the India Hydrogen Alliance (IH2A)?
a. To promote the development of green hydrogen in India
b. To finance renewable energy projects in the EU
c. To establish a hydrogen economy in India
d. To increase global connectivity in various sectors