The World Bank's Board of Executive Directors has approved $1.5 billion in financing for India to accelerate the development of low-carbon energy. This initiative aims to promote a vibrant market for green hydrogen, scale up renewable energy, and stimulate finance for low-carbon investments. India, as the fastest-growing large economy, aims to decouple economic growth from emissions growth by emphasizing renewable energy development, especially in hard-to-abate industrial sectors. The operation focuses on boosting private investment in green hydrogen and renewable energy, supporting reforms to enhance green hydrogen production, electrolyzer development, and renewable energy integration into the grid. The reforms are expected to result in significant production of green hydrogen and electrolyzers, contributing to emissions reduction and renewable energy capacity increase. The World Bank's support aligns with India's energy security and the Bank's Hydrogen for Development (H4D) Partnership, aiming to help India achieve its net-zero target and Nationally Determined Contributions targets. The financing for the operation includes a substantial loan from the International Bank for Reconstruction and Development (IBRD) and a credit from the International Development Association (IDA). The operation is crucial for India's journey towards achieving its low-carbon development goals, creating clean energy jobs, and driving sustainable energy transitions.