The World Bank has recently approved a US$1.5bn loan to promote the development of the green hydrogen market and increase the penetration of renewable energy in India. This loan is part of the Second Low-Carbon Energy Programmatic Development Policy Operation, which focuses on supporting reforms to boost the production of green hydrogen and electrolyzers. Additionally, the operation aims to enhance renewable energy penetration by incentivizing battery energy storage solutions and improving renewable energy integration into the grid through amendments to the Indian Electricity Grid Code. The World Bank's previous initiative, the First Low-Carbon Energy Programmatic Development Policy Operation approved in June 2023, facilitated several key developments. These included the waiver of transmission charges for renewable energy projects involving green hydrogen, setting a clear path to launch 50 GW of renewable energy tenders annually, and establishing a legal framework for a national carbon credit market. The overall objective of these operations is to scale up renewable energy penetration in India and stimulate finance for low-carbon energy investments, contributing to the country's transition towards a greener energy sector.