World Bank invests additional $1.5 billion to boost India’s low-carbon energy sector
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The World Bank’s Board of Executive Directors announced that it has approved $1.5 billion in financing for a second operation to help India accelerate the development of low-carbon energy.
The initiative aims to foster a thriving market for green hydrogen, further expand renewable energy deployment, and encourage investment in low-carbon energy projects.
The Second Low-Carbon Energy Programmatic Development Policy Operation aims to facilitate reforms that will enhance the production of green hydrogen and electrolyzers, crucial technologies for green hydrogen production.
Additionally, the operation supports reforms aimed at increasing the penetration of renewable energy, such as incentivizing battery energy storage solutions and amending the Indian Electricity Grid Code to enhance the integration of renewable energy into the grid.
In June 2023, the World Bank approved the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation.
This initiative supported initiatives including waiving transmission charges for renewable energy in green hydrogen projects, establishing a clear pathway to launch 50 GW of renewable energy tenders annually, and creating a legal framework for a national carbon credit market.
Read more: India presents $500 billion clean energy investment prospects at IPEF forum
Auguste Tano Kouame, World Bank Country Director for India, said, “Indeed, both the first and second operations have a strong focus on boosting private investment in green hydrogen and renewable energy.”
The reforms backed by the operation aim to achieve an annual production of at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers starting from FY25/26.
Additionally, they are expected to substantially boost renewable energy capacity and facilitate emissions reductions totalling 50 million tons annually.
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