World Bank approves $1.5 billion for India's low-carbon energy and green hydrogen push

The World Bank has approved a second round of $1.5 billion in financing to help India scale up low-carbon energy development. The funds aim to support the market for green hydrogen, electrolysers, and higher renewable energy penetration. This follows an initial $1.5 billion approved in June 2023 under the First Low-Carbon Energy Programmatic Development Policy Operation. India's National Green Hydrogen Mission targets 500 GW of installed renewable energy capacity by 2030 and net zero emissions by 2070. The new financing is expected to help mobilize private investment and accelerate deployment of clean energy infrastructure across the country.