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World Bank Approves $1.5bn for India’s Low-Carbon Energy Sector

The World Bank (WB) stated that it has approved $1.5 billion worth of finances to enhance the development of India’s low-carbon energy sector. The financing is linked to India promoting low-carbon energy by scaling up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments, the bank stated in a statement.

 

“The program will support the successful implementation of the national green hydrogen mission that aims to stimulate $100 billion in private sector investment by 2030,” stated Auguste Tano Kouame, World Bank Country Director for India.

 

The strategy plans to scale up renewable energy supply by minimizing the costs and upgrading power grid integration, along with lending help India to reach its committed 500 gigawatts (GW) of renewable energy capacity by the year 2030.

 

The Centre aims to issue bids for 50 GW of renewable energy every year from FY23-24 to FY27-28 to avoid carbon emissions of 40 million tons per annum by the year 2026.

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