A $1.5 bn loan has been approved by the World Bank to support India’s green hydrogen initiatives.
To help India accelerating its low-carbon energy development, a $1.5-billion loan has been approved by the World Bank.
The funds will be used to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.
World Bank had approved the $1.5-billion First Low-Carbon Energy Programmatic Development Policy Operation in June 2023.
It supported the waiver of transmission charges for renewable energy in green hydrogen projects.
It also paved the path to launch 50 GW of renewable energy tenders annually and supported in creating a legal framework for a national carbon credit market.
The Second Low-Carbon Energy Programmatic Development Policy Operation will boost the production of green hydrogen and electrolysers, critical technology needed for green hydrogen production.
The government has set a target of achieving 500 GW of installed renewable energy capacity by 2030.
National Green Hydrogen Mission was also launched by the government to promote the manufacturing of electrolysers and green hydrogen.
