MoU inked for Global Hydrogen Trading in GIFT City

  • Kunvarji Realty
  • 17/01/2024

MoU inked for Global Hydrogen Trading in GIFT City

Source: Desh Gujarat

Gandhinagar: The International Financial Services Centre (IFSC) at GIFT City has announced a collaboration with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to establish a Global Hydrogen Trading Mechanism. This initiative, set to be the second of its kind globally, places GIFT City at the forefront of the emerging green hydrogen economy.

A key aspect of this collaboration is the subsequent launch of the Global Hydrogen Price Index, which will play a pivotal role in price discovery and market information on the burgeoning green hydrogen market in India. This mechanism is expected to enhance transparency, boost investor confidence, and facilitate the growth of the green hydrogen market on a global scale, an official statement said.

GSPC jointly with Indian Gas Exchange will develop mechanism to create index for Hydrogen and attract global institutions to trade in GIFT IFSC.

The Memorandum of Understanding (MoU) signing ceremony took place on Friday in the presence of the Chief Minister of Gujarat Bhupendra Patel. Rajesh K. Mediratta, CEO-IGX, Sandip Shah, Head – IFSC Department, GIFT City and Milind Torawane, MD-GSPC were also present during the MoU signing ceremony.

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