The World Bank has recently approved USD 1.5 billion in financing to accelerate the development of low-carbon energy in India. This financing aims to promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments. Last year, the World Bank approved the First Low-Carbon Energy Programmatic Development Policy Operation, supporting the waiver of transmission charges for renewable energy in green hydrogen projects. The new financing will support reforms to boost the production of green hydrogen and electrolyzers, critical for green hydrogen production. It also aims to increase renewable energy penetration, incentivize battery energy storage solutions, and improve renewable energy integration into the grid. The operation is expected to result in the production of at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers per year, along with supporting reductions in emissions by 50 million tons annually. Additionally, steps will be taken to develop a national carbon credit market. This initiative highlights the efforts to decouple India's economic growth from emissions growth through the expansion of green hydrogen production, consumption, and the mobilization of finance for low-carbon investments.