GIFT City partners with IGX, GSPC for global hydrogen trading mechanism

GANDHINAGAR : In a significant move towards enhancing the green hydrogen economy the International Financial Services Centre (IFSC) at GIFT City has entered into a strategic alliance with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC). This collaboration aims to establish a pioneering Global Hydrogen Trading Mechanism, marking GIFT City as a frontrunner in the global green hydrogen market.

This alliance is set to introduce the Global Hydrogen Price Index, a benchmark designed for price discovery and market information in the rapidly growing green hydrogen sector in India. The introduction of this index is expected to bring enhanced transparency and boost investor confidence, thereby facilitating the expansion of the green hydrogen market on an international scale.

GIFT City SEZ, acknowledged as an International Financial Services Centre in India, currently operates in various verticals including banking, insurance, capital markets, asset management, and FinTech. It also serves as a prominent trading center for commodities like gold and silver via the India International Bullion Exchange.

GIFT IFSC’s objective is to foster and promote trading in global securities, including commodities, and play a pivotal role in determining prices for globally traded commodities. In this new venture, GSPC will collaborate with IGX to develop a mechanism for creating a hydrogen index, with the aim of attracting global institutions for trading at GIFT IFSC.

The Memorandum of Understanding (MoU) for this strategic partnership was signed on Friday, in the presence of Gujarat’s Chief Minister Bhupendra Patel, illustrating the government’s robust commitment to sustainable energy initiatives. The MoU signing ceremony was also attended by notable personalities including Rajesh K. Mediratta, CEO-IGX, Sandip Shah, Head – IFSC Department, GIFT City, and Shri Torawane, MD-GSPC.