World Bank approves $1.5 bn for India's clean energy transition

The World Bank granted $1.5 billion in financing to accelerate India's adoption of low-carbon energy.

The financing is anticipated to assist India in promoting low-carbon energy by boosting renewable energy production, creating green hydrogen, and encouraging climate finance for low-carbon energy investments.

India's energy consumption per person is only one-third of the global average but as the economy grows India's energy demand is anticipated to increase quickly.

To meet India's aim of being net-zero by 2070 while providing energy to the growing demand it is required to phase out fossil-based energy sources and implement greener ways to generate energy

In addition to accelerating the transition to low-carbon power, scaling up the production of renewable energy will foster the formation and growth of the green hydrogen industry.

“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. He adds, "the World Bank remains committed to supporting India’s low-carbon transition by complementing public financing and enabling private sector investments.”