The World Bank has approved $1.5 billion in financing to help India develop low-carbon energy and achieve its net-zero emissions goal by 2070. The financing will support the scaling up of renewable energy, the development of green hydrogen, and the promotion of climate finance for low-carbon energy investments. The program aims to stimulate private financing and will address funding gaps, reduce risks, improve grid integration, and boost demand for renewable energy. The operation is aligned with India’s energy security strategy and the Bank’s Hydrogen for Development Partnership. The loan is from the International Bank for Reconstruction and Development and is supported by a $1 billion backstop from the UK.
resource: https://esgnews.com/world-bank-approves-1-5-billion-in-financing-to-support-indias-low-carbon-transition/