- The World Bank has approved a $1.5 billion loan to support India’s ambitious green hydrogen initiative, marking a significant step in the country’s green energy transition.
- This funding, the second round from the World Bank aimed at India’s green energy efforts, seeks to enhance infrastructure, drive innovation, and support policies for the adoption and production of green hydrogen.
The World Bank has allocated an additional $1.5 billion loan to aid India’s development in green hydrogen and renewable energy to accelerate India’s green hydrogen initiative.
This financial backing represents the second phase of support for India’s transition to a greener economy and is part of the broader commitment to assist the country in reducing its carbon footprint and enhancing energy security.
The allocated funds are targeted at developing crucial infrastructure and promoting research and innovation in green hydrogen technology. Green hydrogen, produced using renewable energy sources such as solar and wind, is seen as pivotal in reducing reliance on fossil fuels and curbing greenhouse gas emissions. By fostering a robust market for green hydrogen, the initiative not only supports India’s environmental goals but also its socio-economic objectives by enhancing energy independence.
Additionally, the loan will aid in scaling up India’s renewable energy capacity, including advancements in battery storage solutions and the integration of renewables into the national grid. These efforts are aligned with India’s ambitious targets to achieve 500 GW of renewable energy capacity by 2030 and to reach net-zero emissions by 2070.
The World Bank’s investment also extends to policy support, aiming to create conducive environments for green hydrogen and electrolyser production, and the development of climate finance mechanisms. Part of the funding will be directed towards establishing a national carbon credit market and stimulating private sector investment in green energy technologies.
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