The World Bank has approved $1.5 billion in financing for India to accelerate the development of low-carbon energy. The operation aims to promote the development of a vibrant market for green hydrogen, scale up renewable energy, and stimulate finance for low-carbon energy investments. India, as the fastest-growing large economy, requires decoupling economic growth from emissions growth, which necessitates scaling up renewable energy, especially in hard-to-abate industrial sectors. This operation, the Second Low-Carbon Energy Programmatic Development Policy Operation, will support reforms to boost green hydrogen and electrolyzer production, incentivize battery energy storage solutions, and improve renewable energy integration into the grid. The World Bank's support is expected to lead to the production of 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers annually, along with significant increases in renewable energy capacity and emission reductions. The operation also aims to develop a national carbon credit market. The financing includes a $1.46 billion loan from the International Bank for Reconstruction and Development and a $31.5 million credit from the International Development Association. This initiative aligns with India's energy security goals and the Bank's Hydrogen for Development (H4D) Partnership, focusing on green hydrogen, renewable energy, and private sector investments to help India achieve its Nationally Determined Contributions targets.