The World Bank has approved a $1.5 billion financing to India for the Second Low-Carbon Energy Programmatic Development Policy Operation, aimed at accelerating the country's transition to low-carbon energy sources. This operation, the second of its kind, focuses on promoting the development of a green hydrogen market and scaling up renewable energy sources such as solar and wind. The financing will support reforms to boost the production of green hydrogen and electrolysers, essential technologies for green hydrogen production. Additionally, it will promote increased renewable energy penetration through measures like incentivizing battery energy storage solutions and improving renewable energy integration into the grid. These reforms are projected to lead to the production of 450,000 metric tonnes of green hydrogen and 1,500 MW of electrolysers annually, significantly increasing renewable energy capacity and reducing emissions by 50 million tonnes per year. The operation also aims to develop a national carbon credit market. The initiative has received positive feedback from the World Bank, with a focus on boosting private sector investment in green hydrogen and renewable energy. 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. Overall, the operation aligns with India's efforts to achieve a net-zero target and create clean energy jobs in the private sector.