Green GIFT a Model For Intelligent Urbanisation
GIFT CITY TO GET FIRST HYDROGEN PRICE INDEX
WHAT IS GREEN HYDROGEN PRICE INDEX?
- It is aimed at providing information on actually traded prices for green hydrogen, which is determined from supply and demand prices of hydrogen together with renowned partners from industrial and energy sectors to ensure the necessary price transparency crucial for the growing market.
- Such an index closes a crucial pricing signal gap, which is foundational for a market ramp-up and further investment in the hydrogen economy.
- With a market-based Index based on actual trade prices for hydrogen the index provides a benchmark that can be used for investment decisions, thereby paving the path for the energy industry’s zero-carbon future and enable efficient and transparent energy transition.
- The first Green Hydrogen Price Index was launched by the European Energy Exchange (EEX) called the ‘HYDRIX’
INDIA’S FIRST GREEN HYDROGEN PRICE INDEX AT GIFT CITY:
- The International Financial Services Centre (IFSC) at Gift City has forged a strategic collaboration with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to establish a Global Hydrogen Trading Mechanism.
- Positioned as the second initiative of its kind globally, this places Gift City at the forefront of the emerging green hydrogen economy.
WHY IS IT SIGNIGICANT?
- A benchmark that will play a pivotal role in price discovery and market information on the burgeoning green hydrogen market in India.
- This mechanism is expected to enhance transparency, boost investor confidence and facilitate the growth of the green hydrogen market on a global scale, and especially in India.
- A Memorandum of Understanding (MoU) was signed in this regard in the just concluded Vibrant Gujarat summit.
- GSPC, together with IGX, will spearhead the development of a hydrogen index, drawing in global institutions to engage in trading activities within the GIFT IFSC.
IMPORTANCE OF GREEN HYDROGEN:
- 100 % sustainable: does not emit polluting gases either during combustion or during production.
- Storable: easy to store, allowing it to be used subsequently for other purposes and at times other than immediately after its production.
- Versatile: can be transformed into electricity or synthetic gas and used for commercial, industrial or mobility purposes.
- India has set its sight on becoming energy independent by 2047 and achieving Net Zero by 2070. To achieve this target, increasing renewable energy use across all economic spheres is central to India’s Energy Transition.
- Green Hydrogen is considered a promising alternative for enabling this transition and the same is being promoted through the ‘National Green Hydrogen Mission nationally’.
GIFT CITY – A GREEN CITY:
- High-energy evolving fusion of Nature and Technology, enhancing zest for work & life.
- Reduced use/waste of energy thus Reduced energy bills.
- Sky Gardens/Roof-top gardens.
- Non-conventional energy resources such as solar water heating, rain water harvesting.
- Planning and Design consideration according to microclimatology.
Basic parameters for Green Building may be considered and mentioned in the provision sheet such as:
- Structure design efficiency.
- Materials efficiency.
- Indoor environmental quality enhancement.
- Operations and maintenance optimization.
- Waste reduction.
- GIFT CITY – A GREEN CITY.
