The World Bank has approved an additional $1.5 billion loan to help promote the development of green hydrogen market and scale up renewable energy penetration in India.
The World Bank has approved the second round of $1.5 billion loan to help India push its low-carbon energy development. The funds will help promote the development of a vibrant market for green hydrogen, continue to scale up renewable energy, and stimulate finance for low-carbon energy investments.
India is the fastest-growing large economy in the world, and the economy is expected to continue to expand at a rapid pace. Decoupling economic growth from emissions growth will require scaling up renewable energy, especially in hard-to-abate industrial sectors. This, in turn, will require an expansion of green hydrogen production and consumption as well as a faster development of climate finance to boost the mobilization of finance for low-carbon…
