World Bank Grants $1.5 Billion to India for Low-Carbon Energy Sector Development
Key Ideas
- The World Bank approved a $1.5 billion loan to India for developing the low-carbon energy sector, marking the second such loan granted to the country.
- The loan will support India's National Green Hydrogen Mission, aiming to achieve net-zero carbon emissions by 2070 through initiatives like green hydrogen production and renewable energy capacity enhancement.
- The loan breakdown includes $1.44 billion from the International Bank for Reconstruction and Development, $56.57 million from the International Development Association, and additional funding from the United Kingdom to boost climate change financing.
- The National Green Hydrogen Mission targets a 5 Million Metric Tonne per year green hydrogen production capacity, 125 gigawatts of renewable energy capacity, and attracting $100 billion in private sector investments by 2030.
The World Bank's Board of Executive Directors approved a $1.5 billion loan to the Indian government to enhance the low-carbon energy sector. This loan, the second of its kind, aims to support India's National Green Hydrogen Mission in achieving net-zero carbon emissions by 2070. The mission involves initiatives like green hydrogen production through water electrolysis using renewable energy sources. The loan breakup includes funding from the International Bank for Reconstruction and Development, the International Development Association, and the United Kingdom. The National Green Hydrogen Mission targets significant milestones like 5 Million Metric Tonne per year green hydrogen production capacity, 125 gigawatts of renewable energy capacity, and attracting $100 billion in private sector investments by 2030. This financial support aligns with India's sustainable development goals and contributes to global efforts in combating climate change.