The World Bank has approved a US$1.5bn loan to promote the development of the green hydrogen market and scale up renewable energy penetration in India. The loan also aims to stimulate finance for low-carbon energy investments in the country.
The World Bank’s Second Low-Carbon Energy Programmatic Development Policy Operation will support reforms to boost green hydrogen and electrolyser production. Additionally, the operation aims to enhance renewable energy penetration by incentivising battery energy storage solutions and amending the Indian Electricity Grid Code to improve renewable energy integration into the grid.
In June 2023, the World Bank had approved the US$1.5bn First Low-Carbon Energy Programmatic Development Policy Operation, which supported the waiver of transmission charges for renewable energy in green hydrogen projects, the issuance of a clear path to launch 50 GW of renewable energy tenders annually and creating a legal framework for a national carbon credit market.
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