The World Bank has approved a US$1.5bn loan to accelerate India’s development of low-carbon energy with a focus on scaling up renewables, fostering green hydrogen development, and facilitating climate finance for sustainable investments.
The First Low-Carbon Energy Programmatic Development Policy Operation for 2023-2026, implemented by the country’s Ministry of New and Renewable Energy, comprises several targets, including increasing the share of renewables in power consumption to 33%, issuing bids for 75 GW of projects, awarding 4 GW of offshore capacity, deploying 3 Mt/year of green hydrogen capacity, and launching a national carbon market. A second phase of the plan could follow.
In 2022, renewables accounted for 23% of India’s energy mix and 22% of its power mix. The country’s energy mix is dominated by fossil fuels, including coal (46%), oil (24%) and natural gas (5%).
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