The World Bank has approved $1.5 billion in financing to assist India in accelerating the development of low-carbon energy. This funding is part of the Second Low-Carbon Energy Programmatic Development Policy Operation, with a focus on promoting a vibrant market for green hydrogen, scaling up renewable energy, and stimulating finance for low-carbon energy investments. The operation aims to support reforms to enhance green hydrogen and electrolyzer production, critical components for green hydrogen production. Additionally, it aims to boost renewable energy penetration by encouraging battery energy storage and amending the Indian Electricity Grid Code for better integration of renewable energy. This operation comes after the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation in June 2023. It is projected to generate at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers annually from FY25/26 onwards, significantly increase renewable energy capacity, reduce emissions by 50 million tons per year, and support the creation of a national carbon credit market. The financing includes a $1.46 billion loan from the International Bank for Reconstruction and Development (IBRD) and a $31.5 million credit from the International Development Association (IDA). World Bank officials have expressed their satisfaction in continuing to back India's low-carbon development strategy, emphasizing the importance of achieving the country's net-zero target while creating clean energy jobs in the private sector. The Team Leaders for the operation highlighted India's efforts in developing a domestic market for green hydrogen, driven by the expansion of renewable energy capacity. The operation is playing a crucial role in scaling up investments in green hydrogen and renewable energy infrastructure, contributing to India's efforts to meet its Nationally Determined Contributions targets.