The International Financial Services Centre (IFSC) has signed MoUs with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to develop a mechanism for global hydrogen trading at GIFT city. This initiative, anticipated to be the second of its kind worldwide, positions GIFT city as a leader in the growing green hydrogen sector.
An essential component of this partnership involves the subsequent introduction of the global hydrogen price index, a standard that will have a crucial role in determining prices and providing market information for the rapidly expanding green hydrogen market in India. This mechanism is anticipated to improve transparency, bolster investor trust, and promote the global expansion of the green hydrogen market. In collaboration with the IGX, GSPC will work on establishing a mechanism to formulate an index for hydrogen, aiming to attract global institutions to engage in trading within the GIFT IFSC.
Recently, in January 2023, Avaada Group and Gujarat government signed an MoU to develop 6,000 MW wind-solar hybrid project in Gujarat.
In the same month, ENGIE and government of Gujarat signed MoUs to collaborate on a decarbonisation initiative, aiming to advance the development of a clean energy infrastructure in the state.
