World Bank Approves USD 1.5 Billion Loan To Support India's Green Energy Push
Date
6/29/2024 2:14:54 PM
(MENAFN- KNN India)
New Delhi, Jun 29 (KNN) The World bank has granted India a USD 1.5 billion loan to accelerate its low-carbon energy development, marking the second round of significant funding for the country's green energy initiatives.
This latest financial support aims to promote green hydrogen production, electrolyser manufacturing, and increased renewable energy adoption.
The loan will support reforms to boost green hydrogen and electrolyser production, crucial for India's energy transition goals. It aligns with India's targets of achieving 500 GW of installed renewable energy capacity by 2030 and reaching net-zero emissions by 2070.
The funding is expected to result in the annual production of at least 450,000 metric tonnes of green hydrogen and 1,500 MW of electrolysers from FY2025-26 onwards.
The World Bank's support is projected to increase renewable energy capacity and reduce emissions by 50 million tonnes per year.
This operation follows a similar USD 1.5 billion loan approved in June 2023, which supported various initiatives including waiving transmission charges for renewable energy in green hydrogen projects.
Auguste Tano Kouame, World Bank Country Director for India, emphasised the organisation's commitment to supporting India's low-carbon development strategy, highlighting its potential to create clean energy jobs in the private sector.
The loan package consists of a USD 1.46 billion loan from the International Bank for Reconstruction and Development (IBRD) and a USD 31.5 million credit from the International Development Association (IDA).
This financial support aligns with both India's energy security goals and the World Bank's Hydrogen for Development (H4D) partnership, underscoring the global push towards sustainable energy solutions.
(KNN Bureau)
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