World Bank Approves USD 1.5 Billion to Boost India's Low-Carbon Energy Development
Key Ideas
- The World Bank approved USD 1.5 billion in financing to accelerate India's development of low-carbon energy, focusing on promoting low-carbon energy, scaling up renewable energy, and developing green hydrogen.
- The financing aims to enhance market capability for green hydrogen and support reforms to boost green hydrogen production, electrolyzers, renewable energy penetration, and climate finance for low-carbon investments.
- Efforts will result in the production of 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers per year by 2025-26, increase renewable energy capacity, reduce emissions by 50 million tons per year, and develop a national carbon credit market.
- The initiative recognizes the need to decouple economic growth from emissions growth by scaling up renewable energy, particularly in hard-to-abate industrial sectors, and by mobilizing finance for low-carbon investments.
The World Bank has approved USD 1.5 billion in financing to accelerate India's development of low-carbon energy, with a focus on promoting low-carbon energy, scaling up renewable energy, and developing green hydrogen. This financing will support efforts to enhance the market capability for green hydrogen and stimulate reforms to boost green hydrogen production, electrolyzers, renewable energy penetration, and climate finance for low-carbon investments. The initiative aims to produce 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers per year starting from the fiscal year 2025-26. Additionally, it will increase renewable energy capacity, reduce emissions by 50 million tons annually, and help develop a national carbon credit market. Recognizing the necessity of decoupling economic growth from emissions growth, this financing will play a crucial role in scaling up renewable energy, particularly in challenging industrial sectors, and in mobilizing finance for low-carbon investments.