Tuesday, 23 July 2024
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FinanceIndia

A $1.5 Billion Loan from the World Bank is Approved for India’s Low-Carbon Energy Sector

The World Bank announced on Friday that it has granted loans totaling $1.5 billion to hasten the growth of India’s low-carbon energy sector.

According to a statement from the bank, the money will aid India in promoting low-carbon energy by boosting renewable energy production, creating green hydrogen, and encouraging climate finance for low-carbon energy initiatives.

India’s Low-Carbon Energy Sector

The National Green Hydrogen Mission, which aims to encourage $100 billion in private sector investment by 2030, will benefit from the program’s successful implementation, according to Auguste Tano Kouame, World Bank Country Director for India.

By lowering costs and enhancing power grid integration, the program seeks to increase the supply of renewable energy while assisting India in achieving its stated goal of 500 GW of renewable energy capacity by 2030.

  • World Bank grants $1.5 billion in loans for India’s low-carbon energy sector.
  • World Bank India highlights the successful implementation of the Green Hydrogen Mission.
  • Government targets 40 million CO2 reductions by 2026 through renewable energy procurement.

The government anticipates eliminating 40 million tonnes of carbon dioxide yearly by 2026 by requesting bids for 50 GW of renewable energy each year between FY23–24 and FY27–28.

The World Bank forecast that despite India’s per capita energy consumption being barely one-third of the global average, the demand would rise significantly as the economy expanded in the nation.

This calls for the gradual phasing out of fossil-based energy sources, according to the statement, to achieve India’s goal of reaching net zero by 2070.

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