EIB Delegation to India to Focus on RE Intiatives, Green Hydrogen Ecosystem

A European Investment Bank (EIB) delegation is embarking on a four-day business visit to India this week to strengthen collaboration with Indian public and private sector partners. The visit of the delegation, which includes EIB Vice-President Kris Peeters, will primarily focus on discussing EIB’s support for clean energy investments and transportation initiatives in the country.

The visit holds significance as it aims to reaffirm the EIB’s commitment to future investments within the framework of the EU-India Connectivity Partnership. This commitment aligns with the objectives of the European Green Deal and the EU Global Gateway strategy. Additionally, the EIB intends to support India’s ambitious agenda concerning climate action, renewable energy, connectivity, and sustainable finance. Notably, the EIB aims to provide backing for projects that deliver substantial climate action benefits.

EIB Vice-President Peeters will meet banking leaders at the G20 Infrastructure Investors Dialogue (IID). The G20 IID is an official G20 event organised during the third meeting of finance ministers and central bank governors in Gandhinagar, Gujarat, India. Peeters will join a panel on “Catalysing sustainable finance for cities of tomorrow,” as a representative of the EIB, which heads the D20 Long-Term Investors Club.

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“The European Investment Bank, the EU bank, is committed to supporting transformational private and public investment across India, improving access to finance by entrepreneurs and addressing the challenges of a changing climate. India is a key country of operations for the EIB and hosts the EIB regional representation for South Asia. Over the last 30 years, the EIB has supported public and private sector investment in the country. My financial and technical colleagues and I look forward to discussing how to strengthen resilience to existing and new challenges and enhance the impact of future EIB engagement in India,” said EIB Vice President Kris Peeters.

Peeters is set to announce the European Investment Bank’s (EIB) commitment to bolster the newly sanctioned National Green Hydrogen Mission in India. The EIB plans to extend financial support of up to €1 billion, aimed at nurturing the emerging Indian green hydrogen ecosystem and facilitating renewable energy initiatives. Advancing India’s renewable energy aspirations, the EIB aims to fund renewable energy projects, and critical components like energy storage, power transmission, and distribution infrastructure.

The EIB delegation is also expected to meet Sushil Kumar, Managing Director of Uttar Pradesh Metro Rail Corporation (UPMRCL), to visit the Agra Metro project backed by a €250 million EIB loan and to further strengthen the operational partnership.

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The Bank’s support for transport in India includes the financing of metro investment in Agra, Bangalore, Bhopal, Kanpur and Lucknow, with a total of €2.45 billion committed since 2016. The move will make India the largest beneficiary of EIB transport financing outside Europe.