The Investment Board Nepal has signed a memorandum of understanding (MoU) with a South Korean company on the preparation of a detailed feasibility study report for the establishment of green hydrogen and fuel cell plant in Nepal.
Chief Executive Officer of the Investment Board Nepal (IBN), Sushil Gyawali, and Chief Executive Officer of G-Philos Company Limited, Ga Woo Park signed the MoU from the respective sides. The signing ceremony was witnessed by the Korean Ambassador, Park Tae-Young, along with government officials, private sector representatives, and think tanks.
The IBN informed that the collaboration was expected to pave the way for investment approval for establishing, developing, and operating a Green Hydrogen and Fuel Cell Plant in Nepal, with an estimated cost of Rs 6.8 billion to be developed under the Public-Private Partnership (PPP) model.
The journey towards green hydrogen development in Nepal began with the special initiative of the Prime Minister KP Sharma Oli during his previous tenure, when the Asian Development Bank conducted a study in 2077 BS on the potential of producing hydrogen using Nepal's abundant hydropower resources. In the same year, the Kathmandu University established a Green Hydrogen Laboratory to advance research and explore the prospects and requirements of green hydrogen in the national context.
Recognizing the importance of clean energy, Nepal has prioritized the production and use of renewable energy, including green hydrogen, in line with its recent international commitment to achieve net-zero carbon emissions. In this spirit, the government has endorsed the Green Hydrogen Policy, 2080 BS, providing a policy framework to promote and facilitate investment in this emerging sector, the IBN added.
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