In a significant move towards fostering the green hydrogen economy, the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has joined forces with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to establish a pioneering Global Hydrogen Trading Mechanism.
Positioned as the second initiative of its kind worldwide, this collaboration places GIFT City at the forefront of the burgeoning green hydrogen market. A pivotal outcome of this partnership is the unveiling of the Global Hydrogen Price Index, a mechanism geared towards revolutionizing price discovery and market information within the Indian green hydrogen sector.
The index is anticipated to contribute to heightened transparency, bolster investor confidence, and propel global growth in the green hydrogen market, according to an official statement. GSPC, in conjunction with the Indian Gas Exchange, is set to develop a mechanism for creating a hydrogen index, aiming to allure global institutions to participate in trading activities within the GIFT IFSC.
The Memorandum of Understanding (MoU) signing ceremony unfolded on Friday in the presence of Gujarat Chief Minister Bhupendra Patel. Attending the ceremony were key figures such as Rajesh K. Mediratta, CEO of IGX, Sandip Shah, Head of IFSC Department at GIFT City, and Milind Torawane, Managing Director of GSPC.
This collaborative effort underscores a strategic step towards establishing GIFT City as a hub for global green hydrogen trading, marking a significant stride in the transition towards sustainable energy practices.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
