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HomeInternationalWorld Bank Approves $1.5 Billion To Boost India’s Low-Carbon Energy Development

World Bank Approves $1.5 Billion To Boost India’s Low-Carbon Energy Development

The World Bank’s financing also underscores the need to decouple India's economic growth from emissions growth. The organization emphasized that achieving this separation will require significant scaling

The World Bank has approved a substantial financing package of USD 1.5 billion to accelerate India’s transition to low-carbon energy. This significant investment, announced on June 29, is aimed at promoting renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy projects across the country.

According to a World Bank blog post, “The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments.”

This recent approval marks the second phase of financial support for India’s low-carbon initiatives. In June 2023, the World Bank had approved the First Low-Carbon Energy Programmatic Development Policy Operation, also worth USD 1.5 billion. This initial phase focused on enhancing the market capability for green hydrogen and scaling up renewable energy investments.

The newly approved financing, known as the Second Low-Carbon Energy Programmatic Development Policy Operation, will continue to support critical reforms aimed at boosting the production of green hydrogen and electrolyzers. These technologies are essential for the sustainable production of green hydrogen, a clean energy source with the potential to revolutionize industrial sectors that are difficult to decarbonize.

In addition to green hydrogen, the operation will support reforms to increase renewable energy penetration in India’s energy grid. This includes incentivizing battery energy storage solutions and amending the Indian Electricity Grid Code to improve the integration of renewable energy sources into the grid. These measures are crucial for ensuring a stable and reliable energy supply as India ramps up its use of renewables.

The World Bank’s financing also underscores the need to decouple India’s economic growth from emissions growth. The organization emphasized that achieving this separation will require significant scaling up of renewable energy, particularly in industrial sectors that are hard to decarbonize.

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