The World Bank has approved a second round of 1.5 billion dollars in financing to help India accelerate the development of low-carbon energy. The financing is extended to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.

Earlier, in June 2023, the World Bank approved the 1.5 billion dollars for the First Low-Carbon Energy Programmatic Development Policy Operation. The fresh funding is expected to help India expand its green hydrogen production and boost the mobilisation of finance for low-carbon investments.

The development comes in the backdrop of India’s ambitious National Green Hydrogen Mission and energy transition targets. The Centre has set a target of achieving 500 GW of installed renewable energy capacity by 2030 and reaching net zero by 2070.