GIFT City to establish global hydrogen trading mechanism with IGX, GSPC

The International Financial Services Centre (IFSC) located at GIFT City in Gandhinagar announced a strategic partnership with the Indian Gas Exchange (IGX) and the state-owned Gujarat State Petroleum Corporation (GSPC) to establish a worldwide hydrogen trading mechanism. As part of this collaboration, the Gujarat International Finance Tec-City (GIFT City) revealed the upcoming launch of the Global Hydrogen Price Index. This benchmark is slated to play a crucial role in facilitating price discovery and providing market information for the growing green hydrogen sector in India, according to a statement by GIFT City. The envisioned mechanism is anticipated to bring about increased transparency, instill confidence among investors, and foster the expansion of the global green hydrogen market. GSPC, in collaboration with IGX, will work on developing an index for hydrogen, aiming to attract participation from global institutions to engage in trading activities within GIFT IFSC, as outlined in the press release. GIFT City SEZ, a designated International Financial Services Centre in India, encompasses various financial sectors such as banking, insurance, capital markets, asset management, and FinTech. Notably, commodities like gold and silver are predominantly traded through the India International Bullion Exchange within the GIFT City. The primary objective of GIFT IFSC is to promote the trading of global securities, including commodities, and establish leadership in determining prices for such globally traded commodities.