The European Energy Exchange (EEX) and the Indian Gas Exchange (IGX), in collaboration with the German development agency Gesellschaft für Internationale Zusammenarbeit (GIZ), have announced a partnership to establish a hydrogen trading market in India. This initiative is part of the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), aimed at promoting green hydrogen projects and market development in emerging economies.
The collaboration seeks to gather critical market insights and foster a local community of stakeholders, including producers, traders, transporters, and consumers of hydrogen. It will also engage policymakers and regulators to facilitate the growth of the hydrogen sector. The long-term goal of the partnership is to develop an index and provide trading services for hydrogen in India, making the country a significant player in the global green hydrogen market.
Peter Reitz, CEO of EEX, highlighted the importance of a global approach to the development of hydrogen as a key element of the energy transition. “With hydrogen expected to play a crucial role in the energy transition, it is important to have a global focus when developing this sector. We are delighted to contribute our market-building expertise to this cooperation and support the local hydrogen community on this journey,” Reitz said.
Rajesh Mediratta, Managing Director and CEO of IGX, expressed optimism about the partnership’s potential to strengthen India’s green energy sector. “With our experience in creating energy markets in India, we’re excited to use that knowledge to build the hydrogen market. This partnership is a significant milestone for the Indian green energy sector. We look forward to jointly developing this market in line with global best practices,” he stated.
The Indo-German Energy Forum Support Office, headed by Tobias Winter, played a key role in facilitating the collaboration. Winter emphasised the potential impact of establishing an Indian hydrogen price index, particularly for green hydrogen, stating, “We are delighted to bring EEX and IGX together to initiate trading of hydrogen in India. The establishment of an Indian hydrogen price index particularly for green hydrogen would send price signals not only to the Indian market but also to interested offtakers globally. Another step of India to become a global green hydrogen hub.”
The collaboration between EEX, IGX, and GIZ marks a significant step towards making India a leader in green hydrogen production and trading, supporting the country’s transition towards clean energy. By creating a reliable market infrastructure and price index, the partnership aims to attract investment and accelerate the adoption of green hydrogen solutions, both domestically and internationally.
