AdvtAdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETEnergyworld App Get Realtime updatesSave your favourite articles Scan to download AppThe World Bank on June 29, approved USD 1.5 billion in financing to accelerate India's development of low-carbon energy "The financing will help India promote low-carbon energy by scaling up renewable energy , developing green hydrogen , and stimulating climate finance for low-carbon energy investments.," the World Bank said in a blog post.Apart from this second phase of financing stimulus, last year in June 2023, the World Bank approved the USD 1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation, which supported the waiver of transmission charges for renewable energy in green hydrogen projects.With this financing, efforts will be made to enhance the market capability for green hydrogen. The emphasis will also be given to scaling up renewable energy and stimulating finance for low-carbon energy investments, as per the statement.The second Low-Carbon Energy Programmatic Development Policy Operation will support reforms to boost the production of green hydrogen and electrolyzers, critical technology needed for green hydrogen production. The reforms supported by the operation are expected to result in the production of at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers per year from the financial year 2025-26 onwards.In addition, it will also help to increase renewable energy capacity and support reductions in emissions by 50 million tons per year. The operation will also support steps to further develop a national carbon credit market.

Source: Economic Times July 01, 2024 02:49 UTC