The European Energy Exchange (EEX) and the Indian Gas Exchange (IGX), joined with the Gesellschaft für Internationale Zusammenarbeit (GIZ), have decided to support the development of the hydrogen trading market in India.

This collaboration is part of the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), which seeks to advance projects and foster market development for green hydrogen in selected emerging nations. Initially, the focus will be on gathering market insights and engaging with the local community to establish and grow this market in the future.

The project parties will bring together stakeholders from production, trading, transport, and consumption, including policymakers and regulators, and jointly build up an action plan with the mid-term goal of offering index and trading services for hydrogen in India.

Commenting on the development, Peter Reitz, CEO of EEX, said, “With hydrogen expected to play a crucial role in the energy transition, it is important to have a global focus when developing this sector. We are delighted to contribute our market-building expertise to this cooperation and support the local hydrogen community on this journey”.

Rajesh Mediratta, Managing Director and CEO of IGX added, “With our experience in creating energy markets in India, we’re excited to use that knowledge to build the hydrogen market. This partnership is a significant milestone for the Indian green energy sector. We look forward to jointly developing this market in line with global best practices”.

Tobias Winter, Director of Indo-German Energy Forum Support Office at GIZ, remarked, “We are delighted to bring EEX and IGX together to initiate trading of hydrogen in India. The establishment of an Indian hydrogen price index particularly for green hydrogen would send price signals not only to the Indian market but also to interested offtakers globally. Another step of India to become a global green hydrogen hub”.