The World Bank has sanctioned $1.5 billion in funding to support India’s initiatives in advancing low-carbon energy development.
As part of the second programmatic development policy operation for low-carbon energy, this initiative seeks to promote a strong market for green hydrogen, enhance renewable energy capacity, and encourage investments in low-carbon energy solutions. The second phase of the low-carbon energy programmatic development policy operation marks another installment in a series, each valued at $1.5 billion. This funding will aid in implementing reforms aimed at improving green hydrogen production and electrolysers. It also encourages the integration of renewable energy by offering incentives for battery energy storage and revising the Indian electricity grid code to improve the integration of renewable energy sources.