World Bank Approved USD 1.5 Billion Finance To Support India’s Low-Carbon TransitionThe World Bank approved USD 1.5 billion in financing to help India develop low-carbon energy in the last week of June 2024. This funding will promote the growth of a market for green hydrogen, scale up renewable energy, and stimulate finance for low-carbon energy investments.

India is the world’s fastest-growing large economy, and it is essential to increase renewable energy while reducing emissions growth. The funding will support the production of green hydrogen, electrolyzers, and renewable energy penetration. 

These measures are expected to result in the production of at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers per year and contribute to a reduction in emissions by 50 million tons per year. 

The initiative is designed to support India’s low-carbon development strategy and help achieve the country’s net-zero target. It is also aligned with the Government of India’s energy security and with the World Bank’s Hydrogen for Development (H4D) Partnership. The operation will support steps to further develop a national carbon credit market.

The financing for the operation includes a USD 1.46 billion loan from the International Bank for Reconstruction and Development (IBRD) and a USD 31.5 million credit from the International Development Association (IDA).