World Bank provides $1.5b support for India’s energy transition

It will support the growth of renewable energy and green hydrogen development.

The World Bank has approved a $1.5b financing to boost India’s energy transition and support its target to reach net zero by 2070.

In a statement, the World Bank said the funding will help ramp up the country’s renewable energy, green hydrogen development, and low-carbon energy investments.

The First Low-Carbon Energy Programmatic Development Policy Operation will be the first in a series of two operations that aims to support the development of green hydrogen in India.

“The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100b in private sector investment by 2030,” said Auguste Tano Kouame, World Bank Country Director for India. "The World Bank remains committed to supporting India’s low-carbon transition by complementing public financing and enabling private sector investments.”

The World Bank said that this is only one of its support for the country’s energy transition. It added that there is a $1.44b from the International Bank for Reconstruction and Development which is facilitated by a United Kingdom $1b backstop that supports the World Bank’s climate change financing to India.

The country also has a $56.57m credit from the International Development Association which is from a recommitment of cancelled IDA credit balances.