Making History: GIFT City To Host World's Second Platform For Green Hydrogen Trading

India’s first International Financial Services Centre (IFSC) at GIFT City in Gandhinagar is all set to have a global hydrogen trading mechanism to facilitate the growth of the green hydrogen market on a global scale.

This comes in the backdrop of the IFSC announcing a collaboration with the Indian Gas Exchange (IGX) and state-owned Gujarat State Petroleum Corporation (GSPC) to establish the trading mechanism.

A memorandum of understanding (MoU) was signed in this regard in the just concluded Vibrant Gujarat Summit, stated an official release.

A key aspect of this collaboration is the subsequent launch of the Global Hydrogen Price Index, a benchmark that will play a pivotal role in price discovery and market information on the burgeoning green hydrogen market in India.

HDEX, a global company based in the United Kingdom, has announced the launch of the world's premier hydrogen exchange. On 1 January 2024, the first transactions were completed on the HDEX platform.

GIFT City — an international financial services hub — conceptualised by Prime Minister Narendra Modi in 2008 is being developed as a Central Business District with office spaces, residential apartments, schools, hospitals, hotels, retail and other recreational facilities.