World Bank approves $1.5B for India's low-carbon energy sector
POWER & RENEWABLE ENERGY

World Bank approves $1.5B for India's low-carbon energy sector

On June 29, the World Bank approved $ 1.5 billion in financing to advance India's development of low-carbon energy. This funding aims to promote low-carbon energy by enhancing renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments, according to a World Bank blog post.

In addition to this second phase of financing, the World Bank had previously approved the $ 1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation in June 2023. This initial funding supported the waiver of transmission charges for renewable energy in green hydrogen projects.

Efforts with this new financing will focus on boosting the market capability for green hydrogen, scaling up renewable energy, and stimulating finance for low-carbon energy investments. The second Low-Carbon Energy Programmatic Development Policy Operation will support reforms to increase the production of green hydrogen and electrolyzers, crucial technology for green hydrogen production. It will also back reforms to increase renewable energy penetration by incentivizing battery energy storage solutions and amending the Indian Electricity Grid Code to improve renewable energy integration into the grid.

The World Finance Organisation emphasized the importance of separating India's economic growth from emission growth, noting that this decoupling will require scaling up renewable energy, particularly in hard-to-abate industrial sectors. It stated that India will need to expand green hydrogen production and consumption, along with accelerating the development of climate finance to boost low-carbon investments. The supported reforms are expected to produce at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers annually from the financial year 2025-26 onwards.

On June 29, the World Bank approved $ 1.5 billion in financing to advance India's development of low-carbon energy. This funding aims to promote low-carbon energy by enhancing renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments, according to a World Bank blog post. In addition to this second phase of financing, the World Bank had previously approved the $ 1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation in June 2023. This initial funding supported the waiver of transmission charges for renewable energy in green hydrogen projects. Efforts with this new financing will focus on boosting the market capability for green hydrogen, scaling up renewable energy, and stimulating finance for low-carbon energy investments. The second Low-Carbon Energy Programmatic Development Policy Operation will support reforms to increase the production of green hydrogen and electrolyzers, crucial technology for green hydrogen production. It will also back reforms to increase renewable energy penetration by incentivizing battery energy storage solutions and amending the Indian Electricity Grid Code to improve renewable energy integration into the grid. The World Finance Organisation emphasized the importance of separating India's economic growth from emission growth, noting that this decoupling will require scaling up renewable energy, particularly in hard-to-abate industrial sectors. It stated that India will need to expand green hydrogen production and consumption, along with accelerating the development of climate finance to boost low-carbon investments. The supported reforms are expected to produce at least 450,000 metric tons of green hydrogen and 1,500 MW of electrolyzers annually from the financial year 2025-26 onwards.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement