The World Bank has approved $1.5 billion in financing for India's second operation to accelerate the development of low-carbon energy, focusing on green hydrogen production and renewable energy scaling. The operation aims to promote a vibrant market for green hydrogen, scale up renewable energy, and stimulate finance for low-carbon energy investments. India's economic growth, being the fastest-growing large economy, necessitates decoupling economic growth from emissions growth by scaling up renewable energy, especially in hard-to-abate industrial sectors. This requires an expansion of green hydrogen production and consumption alongside faster climate finance development. The operation supports reforms to boost green hydrogen and electrolyzer production, renewable energy penetration, battery energy storage, and integration of renewable energy into the grid. It is expected to result in the production of 450,000 metric tons of green hydrogen, 1,500 MW of electrolyzers annually, and reduce emissions by 50 million tons per year. The operation aligns with India's energy security and the Bank's Hydrogen for Development Partnership. The financing includes a $1.46 billion loan from the International Bank for Reconstruction and Development and a $31.5 million credit from the International Development Association.