India’s first International Financial Services Centre 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.

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, 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 (CBD) with office spaces, residential apartments, schools, hospitals, hotels, retail and other recreational facilities.