World Bank Supports India's Green Hydrogen Transition with $3 Billion Development Policy
Key Ideas
- India's goal of achieving net zero emissions by 2070 requires a shift towards green hydrogen in energy-intensive sectors like cement, fertilizer, and steel.
- The World Bank is supporting India's transition with $3 billion in development policy operations focused on green hydrogen, renewable energy expansion, and climate finance mobilization.
- The Hydrogen for Development Partnership, backed by the World Bank, facilitated $1.5 billion in concessional financing for clean hydrogen projects and invested in job creation and training in high-growth sectors.
- Additionally, the World Bank's projects like the Second National Ganga River Basin Project have directly benefited millions by improving sewer networks and preventing untreated wastewater flow into the Ganga river.
The World Bank is playing a significant role in supporting India's transition towards a greener and more sustainable future by investing $3 billion in development policy operations. India's ambitious goal of achieving net zero emissions by 2070 necessitates a substantial shift away from fossil fuels towards green hydrogen. Green hydrogen is seen as a pivotal technological innovation that can lead energy-intensive industries such as cement, fertilizer, and steel towards a low-carbon trajectory. The World Bank's financing is strategically allocated across three key areas - fostering the emergence of a green hydrogen industry, expanding renewable energy sources, and mobilizing climate finance to support these initiatives.
One of the key initiatives, the Hydrogen for Development Partnership, supported by the World Bank, has been instrumental in providing $1.5 billion in concessional financing for clean hydrogen projects in India. This marks a significant investment in clean energy transitions. Moreover, the World Bank has allocated funds towards job creation and upskilling programs, benefiting over 300,000 individuals in sectors like renewable energy, information technology, and hospitality.
In addition to supporting the green hydrogen agenda, the World Bank's projects like the Second National Ganga River Basin Project have had a tangible impact on communities by enhancing sewer networks and preventing untreated wastewater from polluting the Ganga river. This holistic approach to sustainable development highlights the World Bank's commitment to fostering a greener and more prosperous future for India.