In a notable step towards advancing the green hydrogen sector, the International Financial Services Centre (IFSC) at GIFT City has formed a strategic partnership with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC). This joint effort is geared towards creating an innovative Global Hydrogen Trading Mechanism, positioning GIFT City at the forefront of the international green hydrogen market.
In a collaborative effort, the alliance plans to unveil the Global Hydrogen Price Index, designed to serve as a benchmark for price discovery and market information within India's rapidly expanding green hydrogen sector. The introduction of this index is anticipated to bring heightened transparency and instill confidence among investors, ultimately facilitating the global growth of the green hydrogen market. Recognized as an International Financial Services Centre in India, the GIFT City Special Economic Zone (SEZ) currently operates across diverse verticals, including banking, insurance, capital markets, asset management, and FinTech. Additionally, it serves as a prominent hub for commodity trading, particularly gold and silver through the India International Bullion Exchange.
The core objective of GIFT IFSC is to encourage and facilitate trading in global securities, including commodities, and play a pivotal role in determining prices for globally traded commodities. In this collaborative venture, GSPC will join forces with IGX to establish a mechanism for creating a hydrogen index, aiming to attract global institutions for trading at GIFT IFSC. The signing of the Memorandum of Understanding (MoU) for this strategic partnership took place on Friday, with Gujarat's Chief Minister Bhupendra Patel in attendance, showcasing the government's steadfast commitment to sustainable energy initiatives. The ceremony also witnessed the participation of key figures including Rajesh K. Mediratta, CEO of IGX, Sandip Shah, Head of the IFSC Department at GIFT City, and Milind Torawane, Managing Director of GSPC.