The World Bank is boosting India’s green energy sector with an additional $1.5 billion loan for green hydrogen and renewables. This new funding, which follows a previous $1.5 billion commitment, brings the total support to $3 billion. The funds will be directed towards developing a robust green hydrogen market and scaling up renewable energy usage.
Green hydrogen, produced using renewable energy sources, is seen as a promising clean fuel for hard-to-decarbonize industries. India’s rapid economic growth poses a challenge in balancing growth with emission reductions. Expanding renewable energy and green hydrogen production are crucial steps to achieving this balance.
The World Bank’s investment will help unlock private funding for clean technologies. By 2026, the supported projects aim to produce at least 450,000 metric tons of green hydrogen annually and achieve 1.5 GW of electrolyzer capacity, a key technology for hydrogen production. Additionally, the initiatives are expected to boost renewable energy capacity and reduce emissions by 50 million tons per year.
These efforts align with India’s energy security goals and the World Bank’s Hydrogen for Development Partnership. Auguste Tano Kouame, World Bank country director for India, emphasized the focus on boosting private investment in green hydrogen and renewable energy. With this financial support, India is well-positioned to accelerate its transition to a cleaner energy future.
Source: Carbon Herald
