New Delhi, November 29, 2023: The Green Hydrogen Organization, a global non-profit promoting green hydrogen adoption, has partnered with ProClime, a climate action company, as its carbon partner in India. This collaboration was announced during the two-day Climate and Energy Transition Finance Summit (CETFiS), organized by the Ministry of New and Renewable Energy and the G20 India secretariat alongside the Green Hydrogen Organization.
CETFiS, with a focus on the Global South, emphasized blended finance models and diverse financial instruments as primary funding sources. Discussions centered on guarantee instruments and mechanisms to de-risk climate investments, addressing the unprecedented capital required for transitioning away from fossil fuels. As emphasized during the summit, unprecedented amounts of capital are needed for this transition, presenting significant opportunities to tap into capital markets with the right enabling financial solutions.
The summit, attended by 200 participants, concluded with the issuance of the Delhi Message on Climate Finance by the Green Hydrogen Organization, ProClime, and their partners in India. Issued on the eve of the UN Climate Conference COP28, which Prime Minister Narendra Modi is set to attend in Dubai, the Delhi Message offers a five-point plan for financing the green hydrogen economy. In the words of Amitabh Kant, G20 sherpa, the Climate and Energy Transition Finance Summit is pivotal, arriving "at a pivotal moment in our global commitment to combat climate change."
Addressing the urgent need for substantial investments and innovative financial mechanisms, Jonas Moberg, CEO of the Green Hydrogen Organization, remarked, "The need for transitioning to green sources of energy has never been more urgent."
The partnership with ProClime aims to bring the power of Carbon Markets to the green hydrogen space in India. Kavin Kumar Kandaswamy, CEO of ProClime, emphasized the collaboration's goal to enhance the viability of carbon funding initiatives and pursue the registration of the GH2 standard as a Voluntary Standard. He stated, "Transitioning to hydrogen holds the key to slashing emissions globally. India stands at a pivotal crossroads, uniquely positioned to lead this transformative shift."
Tarun Kapoor, Special Advisor to Prime Minister Narendra Modi, stressed the need for industry collaboration during the conclusion of the Forum, stating, "Industry should continue to work together like this and speak with one voice on what is needed for the green fuels economy to take off here in India."
Sanmit Ahuja, Senior Advisor, Green Hydrogen Organization and chair of the Delhi Forum, highlighted the growing understanding of how better-functioning capital markets can bring in the financial resources needed for green energy projects. He said, "There is a growing understanding of how better functioning capital markets can bring in the financial resources needed to build our solar and wind parks and facilities to produce the green fuels our future requires."
The Delhi Message on Climate Finance calls for the establishment of market-making facilities, risk registers, long-term financing, scaled-up guarantee structures, and the deepening of bond markets to support the transition to green hydrogen. The partnership between the Green Hydrogen Organization and ProClime signifies a pivotal step towards achieving these ambitious goals.
