The World Bank has approved a $1.5 billion financing package for India to accelerate the development of low-carbon energy, specifically focusing on green hydrogen. This second 'Low-Carbon Energy Programmatic Development Policy Operation' aims to support reforms that will enhance the production of green hydrogen and electrolysers, critical for green hydrogen production. The initiative, aligned with India's energy security goals and the World Bank's Hydrogen for Development Partnership, is expected to generate 450,000 metric tonnes of green hydrogen and 1,500 MW of electrolysers annually starting from FY25/26. Additionally, the program will help boost renewable energy capacity and reduce emissions by 50 million tonnes per year, while also working towards the development of a national carbon credit market. The World Bank's Country Director for India highlighted the importance of supporting India's low-carbon development strategy to achieve the country's net-zero target and create clean energy jobs in the private sector. The focus on boosting private investment in green hydrogen and renewable energy is key. This initiative reflects India's commitment to scaling up renewable energy and developing a domestic market for green hydrogen. The previous operation in June 2023 supported various measures like waiving transmission charges for renewable energy projects, launching renewable energy tenders, and establishing a legal framework for a national carbon credit market.