The World Bank has approved USD 1.5 billion in financing to aid India in accelerating its development of low-carbon energy. This funding will support initiatives to promote low-carbon energy by scaling up renewable energy sources and advancing green hydrogen production. The goal is to stimulate climate finance for investments in low-carbon energy projects. In addition to this recent approval, the World Bank had previously supported India with a USD 1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation. The new financing will focus on enhancing the market capability for green hydrogen, boosting the production of green hydrogen and electrolyzers, and implementing reforms to increase the penetration of renewable energy. The operation aims to separate India's economic growth from emissions growth, targeting significant green hydrogen production and consumption expansion to aid in reducing emissions. By the financial year 2025-26, it is expected to produce 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers annually. Moreover, the operation will also contribute to increasing renewable energy capacity, incentivizing battery energy storage solutions, and developing a national carbon credit market.