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World Bank Approves $1.5 Billion More To Aid India’s Low-Carbon Emission Reforms

The second ‘Low-Carbon Energy Programmatic Development Policy Operation’ will support reforms to boost the production of green hydrogen and electrolysers, critical technology needed for green hydrogen production

World Bank Approves $1.5 Billion More To Aid India’s Low-Carbon Emission Reforms
According to the World Bank, the reforms are expected to result in the production of at least 450,000 metric tonnes of green hydrogen

New Delhi: The World Bank on Saturday (June 29) approved $1.5 billion in financing for a second operation to help India — which is the fastest-growing large economy in the world — accelerate the development of low-carbon energy. The second ‘Low-Carbon Energy Programmatic Development Policy Operation’ will support reforms to boost the production of green hydrogen and electrolysers, critical technology needed for green hydrogen production. This operation is aligned with the government’s energy security and the World Bank’s Hydrogen for Development (H4D) Partnership.

Also Read: Nitrous Oxide Emissions Grew 40 Per Cent In Last Four Decades, China Largest Emitter: Study

According to the World Bank, the reforms are expected to result in the production of at least 450,000 metric tonnes of green hydrogen and 1,500 MW of electrolysers per year from FY25/26 onwards, said the World Bank.

In addition, it will also significantly help to increase renewable energy capacity and support reductions in emissions by 50 million tonnes per year.

The operation will also support steps to further develop a national carbon credit market.

Auguste Tano Kouame, World Bank Country Director for India said,

The World Bank is pleased to continue supporting India’s low-carbon development strategy which will help achieve the country’s net-zero target while creating clean energy jobs in the private sector.

“Both the first and second operations have a strong focus on boosting private investment in green hydrogen and renewable energy,” Kouame added.

The Indian economy is expected to continue to expand at a rapid pace.

According to the World Bank, decoupling economic growth from emissions growth will require scaling up renewable energy, especially in hard-to-abate industrial sectors.

“India has taken bold action to develop a domestic market for green hydrogen, underpinned by rapidly expanding renewable energy capacity,” said Aurelien Kruse, Xiaodong Wang, and Surbhi Goyal, team leaders for the operation.

In June 2023, the World Bank approved the $1.5 billion first 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.

Also Read: Majority Of Recent Carbon Dioxide Emissions Linked To Just 57 Producers, Report Says

(This story has not been edited by NDTV staff and is published from a syndicated feed.)

NDTV – Dettol have been working towards a clean and healthy India since 2014 via the Banega Swachh India initiative, which in its Season 10 is helmed by Campaign Ambassador Ayushmann Khurrana. The campaign aims to highlight the inter-dependency of humans and the environment, and of humans on one another with the focus on One Health, One Planet, One Future – Leaving No One Behind. It stresses on the need to take care of, and consider, everyone’s health in India – especially vulnerable communities – the LGBTQ populationindigenous people, India’s different tribes, ethnic and linguistic minorities, people with disabilities, migrants, geographically remote populations, gender and sexual minorities. In a world post COVID-19 pandemic, the need for WASH (WaterSanitation and Hygiene) is reaffirmed as handwashing is one of the ways to prevent Coronavirus infection and other diseases. The campaign will continue to raise awareness on the same along with focussing on the importance of nutrition and healthcare for women and children, fight malnutrition, mental well-being, self-care, science and health, adolescent health & gender awareness. Along with the health of people, the campaign has realised the need to also take care of the health of the eco-system. Our environment is fragile due to human activity, which is not only over-exploiting available resources, but also generating immense pollution as a result of using and extracting those resources. The imbalance has also led to immense biodiversity loss that has caused one of the biggest threats to human survival – climate change. It has now been described as a “code red for humanity.” The campaign will continue to cover issues like air pollutionwaste managementplastic banmanual scavenging and sanitation workers and menstrual hygiene. Banega Swasth India will also be taking forward the dream of Swasth Bharat, the campaign feels that only a Swachh or clean India where toilets are used and open defecation free (ODF) status achieved as part of the Swachh Bharat Abhiyan launched by Prime Minister Narendra Modi in 2014, can eradicate diseases like diahorrea and the country can become a Swasth or healthy India.

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