The World Bank has approved $1.5 billion in financing to support India's transition towards low-carbon energy, particularly focusing on the development of green hydrogen and renewable energy. The funding, under the Second Low-Carbon Energy Programmatic Development Policy Operation, aims to create a robust market for green hydrogen, scale up renewable energy, and stimulate investments in low-carbon energy. The support includes promoting the production of green hydrogen and electrolysers, crucial for green hydrogen production, and implementing reforms to enhance renewable energy integration into the grid. The financing comprises a $1.46 billion loan from the International Bank for Reconstruction and Development and an additional $31.5 million from the International Development Association. The operation is projected to result in the production of at least 450,000 metric tonnes of green hydrogen and 1,500 megawatts of electrolysers annually by fiscal year 2025-2026, alongside expanding renewable energy capacity and reducing emissions by 50 million tonnes yearly. Furthermore, the initiative aims to advance the development of a national carbon credit market. The World Bank team leaders highlighted that the operation will accelerate investments in green hydrogen and renewable energy infrastructure, contributing to India's Nationally Determined Contributions targets. The operation aligns with India's energy security objectives and the World Bank's Hydrogen for Development Partnership, emphasizing sustainability and environmental goals.