Thursday, 18 July 2024

World Bank Approves $1.5 Billion Loan to Boost India’s Green Hydrogen Push

  • World Bank grants $1.5 billion to accelerate India’s low-carbon energy development.
  • Funding focuses on green hydrogen production and electrolyser technology.
  • Supports India’s targets of 500 GW renewable energy by 2030 and net zero by 2070.

The World Bank has approved a $1.5 billion loan to help India advance its low-carbon energy initiatives. This funding is intended to promote the production of green hydrogen, the development of electrolysers, and the increased penetration of renewable energy sources.

It marks the second round of funding from the World Bank, following a similar $1.5 billion loan in June 2023 aimed at accelerating India’s green energy transition.

India’s Green Energy Revolution Gets $1.5 Billion Boost from World Bank

This new funding will bolster India’s efforts to meet its ambitious energy transition targets, including achieving 500 GW of installed renewable energy capacity by 2030 and reaching net zero emissions by 2070. Additionally, the initiative aligns with India’s ₹17,000-crore National Green Hydrogen Mission, which aims to foster the manufacturing of electrolysers and green hydrogen, thereby enhancing climate finance and supporting low-carbon investments.

This financial assistance is part of the Second Low-Carbon Energy Programmatic Development Policy Operation, which follows the initial $1.5 billion funding approved in June 2023. The World Bank’s continued support underscores the importance of India’s energy transition goals and the global shift towards sustainable energy solutions.

India has set an ambitious target of achieving 500 GW of installed renewable energy capacity by 2030 and reaching net zero emissions by 2070. The new funding will facilitate the development of the green hydrogen market and accelerate the deployment of renewable energy projects, contributing significantly to these targets.

Moreover, the National Green Hydrogen Mission, launched with a budget of ₹17,000 crore, aims to promote the manufacturing of electrolysers and green hydrogen. This mission, combined with the World Bank’s funding, will enhance India’s capacity to mobilize finance for low-carbon investments and expedite the transition to a sustainable energy future.

The World Bank’s $1.5 billion loan is a significant step towards achieving India’s renewable energy and low-carbon goals, reinforcing the nation’s commitment to a sustainable and climate-resilient future.

“The World Bank’s financial support will help us achieve our green energy targets faster and more efficiently, bolstering our efforts towards a sustainable future.”

— Indian Energy Official

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