The World Bank has approved $1.5 billion in financing for a second operation aimed at accelerating low-carbon energy development in India. The operation will focus on promoting a vibrant market for green hydrogen, scaling up renewable energy, and encouraging finance for low-carbon energy investments. India, being the fastest-growing large economy globally, requires decoupling economic growth from emissions growth, emphasizing the need for expanding renewable energy and green hydrogen production. The operation will support reforms to enhance green hydrogen production, boost renewable energy penetration, incentivize battery energy storage solutions, and improve renewable energy integration into the grid. It is expected to result in the production of 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers annually, contributing to a significant reduction in emissions. The operation aligns with India's net-zero target and aims to create clean energy jobs in the private sector. By supporting the development of a national carbon credit market and focusing on private investment in green hydrogen and renewable energy, the operation is crucial in achieving India's Nationally Determined Contributions targets. The financing for this operation 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.