The World Bank has granted a $1.5-billion loan to support India’s efforts in expediting its low-carbon energy development.
The funding will be allocated towards the advancement of a market for green hydrogen, electrolyzers, and the expansion of renewable energy adoption.
This represents the second installment of funds provided by the World Bank to support India’s efforts in promoting green energy.
The World Bank has granted approval for the First Low-Carbon Energy Programmatic Development Policy Operation, a funding of $1.5 billion, aimed at expediting India’s progress in the field of low-carbon energy.
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The additional investment will support India in scaling up its production and utilisation of green hydrogen, as well as accelerating the progress of climate finance. According to the global financing organization, this will enhance the mobilization of funds for investments in low-carbon projects.
The Second Low-Carbon Energy Programmatic Development Policy Operation, which is the second operation in a series of two operations of comparable magnitude, will provide assistance for implementing reforms aimed at enhancing the production of green hydrogen and electrolyzers. These technologies are crucial for the production of green hydrogen.
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