Friday’s World Bank announcement granted $1.5 billion to advance India’s low-carbon energy sector.
The bank claimed the financing would boost renewable energy, green hydrogen, and climate finance for low-carbon energy initiatives in India.
“The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030,” said Auguste Tano Kouame, World Bank Country Director for India.
The program reduces costs and improves power grid integration to help India meet its 500 gigawatts (GW) renewable energy capacity by 2030.
From FY23-24 to FY27-28, the government will release bids for 50 GW of renewable energy annually, avoiding 40 million tons of carbon emissions by 2026.
The World Bank claimed that while India’s per capita energy consumption was only one-third of the world average, demand was likely to expand fast with economic growth.
The statement noted that India’s target of net zero by 2070 requires phasing out fossil fuels.
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