Mrs. Nirmala Sitharaman, the Hon’ble Union Minister for Finance and Corporate Affairs, Inaugurates the IIT Bombay-HSBC Green Hydrogen Initiative

At a prestigious event held in Delhi, Mrs. Nirmala Sitharaman, the Hon’ble Union Minister for Finance and Corporate Affairs, unveiled the partnership between IIT Bombay and HSBC India who have joined forces with the aim of revolutionising green hydrogen technology and attaining energy independence.

In a pivotal stride towards attaining sustainable energy solutions, the collaboration will focus on advancing energy efficiency, cost-effectiveness, and scalability in green hydrogen production. Through innovative projects, this partnership seeks to position green hydrogen as a strategic alternative fuel, thereby fostering a resilient green hydrogen economy that resonates with the government’s vision of achieving energy self-sufficiency.

Other key members from IIT Bombay and HSBC who graced the occasion included:

  • Prof. Ravindra D. Gudi, Dean Alumni and Corporate Relations (ACR), IIT Bombay
  • Mr. Mark Tucker, Group Chairman, HSBC
  • Mr. Hitendra Dave, CEO, HSBC India
  • Ms. Aloka Majumdar, Global Head of Philanthropy & Head of Sustainability India, HSBC


At the heart of this collaboration lies a resounding commitment to fortify the government’s National Green Hydrogen Mission. This strategic initiative aims to offer essential policy backing for the realisation of global leadership in the transition towards green hydrogen. Bolstered by the momentum of the National Hydrogen Energy Mission outlined in India’s 2021-22 Union Budget, this partnership serves as a critical foundation for harnessing alternative energy sources and charting a path toward a more sustainable and environmentally conscious future.

Speaking about this collaboration, Prof. Subhasis Chaudhuri, Director, IIT Bombay, said, “Moving towards sustainable and clean sources of energy is a crucial step in the global fight against climate change. Green Hydrogen – with its applications across industries including transportation – will occupy a vital space in global energy. I am confident that this partnership between IIT Bombay, HSBC, and the Shakti Sustainable Energy Foundation will accelerate research in this space and facilitate India’s transition towards wide-scale adoption of Green Hydrogen.”

Commenting on the initiative, Mr. Hitendra Dave, CEO, HSBC India, said, “Sustainability is a key element of our business, operations, and community investments. We are delighted to work with IIT Bombay to foster innovation to make green hydrogen scalable and commercially feasible. We believe we have a crucial role in accelerating the development and deployment of green hydrogen technologies and driving the transition to a sustainable and low-carbon energy system.”

About the Innovation in Green Hydrogen programme 

The dynamic collaboration between IIT Bombay and HSBC serves as a catalyst for pioneering ingenuity, and rallying researchers, scientists, and students across IITs to address the critical frontiers of green hydrogen technology. The partnership’s quest is to engineer breakthrough solutions encompassing green hydrogen’s entire lifecycle – from production to storage, transportation, and effective application. IIT Bombay will invite project proposals which will undergo meticulous scrutiny by a steering committee, a collaborative ensemble featuring HSBC India’s representatives, distinguished professors, and faculty members spanning interdisciplinary departments. The committee will identify the top three submissions, and based on their assessment, the project’s viability, and commercial readiness, the shortlisted submissions could possibly be incubated at IIT Bombay.

As part of the National Green Hydrogen Mission, India has charted an ambitious course to establish a robust green hydrogen production capacity of at least 5 million metric tons (MMT) per annum by 2030. This audacious pursuit translates into a substantial renewable energy augmentation of around 125 GW, heralding a new era of cleaner power generation. This paradigm shift is a resounding step toward fulfilling India’s aspiration of achieving net-zero carbon dioxide emissions.

IIT Bombay is extremely grateful for this partnership with HSBC India. The Institute hopes that anchored as part of this broader mission, the collaboration between IIT Bombay and HSBC India will emerge as a beacon of progress, and steer India toward a future characterised by sustainable energy practices and environmental harmony.