The Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) last Friday signed a memorandum of understanding to establish a global hydrogen trading mechanism in collaboration with GIFT City IFSC, a statement issued by the GIFT City said on Tuesday.

GSPC, along with IGX, will develop a mechanism to create an index for hydrogen and will attract global institutions to trade in IFSC.

According to GIFT City, such an initiative is set to be the second-of-its-kind globally. Subsequently, a global hydrogen price index shall be launched, a benchmark that will play a role in price discovery and market information on the burgeoning green hydrogen market in India.