India, Aug. 7 -- India's National Green Hydrogen Mission (NGHM) aims to catalyse more than Rs 8 lakh crore (over US$100 billion) of investment while developing an annual production capacity of 5 million metric tonnes of green hydrogen by 2030. The ambition is not merely to decarbonise hard-to-abate sectors but to position India as a global hub for green hydrogen manufacturing and exports.

Yet mobilising capital at this scale will require more than generous incentives or larger climate funds. It will require a financial system capable of financing technologies that are commercially promising but have yet to evolve into mature infrastructure assets. As the Reserve Bank of India advances its climate risk framework and financial institutions...