World Bank Announces $1.5 Billion Financing for Accelerating Low-Carbon Energy Development in India
Key Ideas
- The World Bank has approved $1.5 billion to accelerate the development of low-carbon energy in India, focusing on green hydrogen production and renewable energy sources.
- The financing aims to boost the production of green hydrogen, scale up renewable energy capacity, and attract private sector participation in low-carbon energy investments.
- Reforms supported by the operation include increasing green hydrogen production to at least 450,000 metric tons annually, installing 1,500 MW of electrolyzers per year, and supporting emissions reductions of 50 million tons per year.
- The operation aligns with India's energy security goals, emphasizes private sector involvement in the transition to a low-carbon economy, and supports the development of a national carbon credit market.
The World Bank has approved $1.5 billion in financing for a second operation aimed at accelerating the development of low-carbon energy in India, the world's third-largest emitter of greenhouse gases. This operation is part of a strategy to combat climate change and promote sustainable development, focusing on green hydrogen production, renewable energy sources, and private sector participation. The operation aims to boost green hydrogen production to 450,000 metric tons annually, install 1,500 MW of electrolyzers per year, and support emissions reductions. The World Bank's investment underscores the importance of India's transition to a low-carbon economy, highlighting the role of green hydrogen and renewable energy in mitigating climate change and supporting economic growth.
Topics
Projects
Renewable Energy
Climate Change
Sustainable Development
Economic Growth
Low-carbon Energy
Emissions Reductions
Private Sector Investment
World Bank
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