World Bank To Invest Additional $1.5B In India Green Hydrogen And Renewables

World Bank To Invest Additional $1.5B In India Green Hydrogen And Renewables - Carbon Herald
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The World Bank is giving green push in India a significant boost with an additional $1.5 billion loan for green hydrogen and renewables.

This new funding builds on a previous $1.5 billion commitment, bringing the total support to $3 billion.

The money will be used to fuel two key areas: developing a thriving green hydrogen market and scaling up renewable energy use. 

Green hydrogen, produced using renewable energy sources, is seen as a promising clean fuel option for hard-to-decarbonize industries.

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India’s rapid economic growth presents a challenge – balancing that growth with reducing emissions. 

Expanding renewable energy and green hydrogen production are crucial steps in achieving this goal. The World Bank funding will also help unlock private investment in these clean technologies.

The specific projects supported by the loan aim for ambitious results. By 2026, they expect to see at least 450,000 metric tons of green hydrogen produced annually, along with 1.5 GW of electrolyzer capacity (a key technology for hydrogen production).

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Additionally, the reforms are expected to significantly boost renewable energy capacity and cut emissions by 50 million tons per year.

This initiative aligns with India’s goals for energy security and the World Bank’s Hydrogen for Development Partnership. With this substantial financial support, India is well-positioned to accelerate its transition to a cleaner energy future.

Auguste Tano Kouame, World Bank country director for India, said, “Both the first and second operations have a strong focus on boosting private investment in green hydrogen and renewable energy.”

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