The World Bank has approved a $1.5 billion loan to assist India in promoting the development of the green hydrogen market and scaling up renewable energy penetration. This financial support is part of the Second Low-Carbon Energy Programmatic Development Policy Operation, following a previous $1.5 billion loan approved in June 2023. The goal of the funds is to help India create a thriving market for green hydrogen, increase renewable energy capacity, and facilitate investments in low-carbon energy projects. India, as one of the fastest-growing economies globally, faces the challenge of decoupling economic growth from emissions growth, necessitating a significant expansion of renewable energy, particularly in challenging industrial sectors. The reforms supported by the loan include enhancing green hydrogen production, promoting renewable energy integration, encouraging energy storage solutions, and amending grid codes to facilitate the adoption of renewable energy sources. The operation, which emphasizes boosting private investment in green hydrogen and renewable energy, is in line with India's energy security objectives and the World Bank's Hydrogen for Development Partnership. The loan comprises $1.46 billion from the International Bank for Reconstruction and Development and a $31.5 million credit from the International Development Association. Overall, the initiative aims to support India in achieving its Nationally Determined Contributions targets and advancing towards a sustainable energy future.