The International Financial Services Centre (IFSC) at GIFT city announced a strategic collaboration with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to pioneer the establishment of a global hydrogen trading mechanism. The initiative, the second of its kind worldwide, positions GIFT City as a frontrunner in the emerging green hydrogen economy.
Within the framework of the collaboration, the partners will introduce the global hydrogen price index, a pivotal benchmark for price discovery and market information in India’s burgeoning green hydrogen sector. The primary goals of the mechanism would include enhancing transparency, fostering investor confidence, and facilitating the global expansion of the green hydrogen market, as outlined in a statement from GIFT City.
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. The memorandum of understanding (MoU) formalising the collaboration was signed during the Vibrant Gujarat Global Summit 2024.
GIFT City’s Special Economic Zone (SEZ), acknowledged as a designated International Financial Services Centre in India, currently serves as a host for operational segments such as banking, insurance, capital markets, asset management, fintech, and commodities trading via the India International Bullion Exchange. As reported by The Times of India, the overarching objective of GIFT IFSC is to promote and develop the trading of global securities, encompassing commodities, and establish itself as a leader in determining prices for globally traded commodities.
