The World Bank has granted approval for USD 1.5 billion to advance India’s low-carbon energy infrastructure. The World Bank said Friday (June 30) that the money will help India scale up renewable energy and create green hydrogen, among other things.
As one of the fastest-growing global economies, India’s energy consumption is predicted to rise substantially. India consumes one-third of the world energy average per person. India wants net zero by 2070.
India has increased renewable energy capacity and reduced prices. “Scaling up renewable energy production will accelerate the transition to low-carbon electricity and support the emergence and expansion of the green hydrogen sector,” the World Bank stated.
World Bank expressed support for India’s green hydrogen development. Renewable energy electrolyzes water to generate low-carbon hydrogen energy. The National Green Hydrogen Mission, authorized in early January, aims to make India a global centre for producing, using, and exporting such technology. The mission’s original budget is Rs 19,744 crore, including R&D.
Green hydrogen will decarbonize industrial, transport, and energy sectors.The government wants to produce 5 million tonnes of green hydrogen and add 125 gigawatts of renewable energy capacity.
“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 World Bank remains committed to supporting India’s low-carbon transition by complementing public financing and enabling private sector investments.”
The investment will assist initiatives for a national carbon market, which is needed to level the playing field between low-carbon energy and fossil fuels.
At the 2021 COP26 meeting in Glasgow, India made a five-part “Panchamrit” vow to attain 500 GW of non-fossil electrical capacity, produce half of its energy from renewables, and decrease emissions by 1 billion tons by 2030.India wants to cut GDP emissions by 45%.
India aims to achieve net-zero emissions by 2070.
Conclusion:
India’s renewable energy and green hydrogen infrastructure will get USD 1.5 billion from the World Bank. India, a fast-growing country, will boost energy consumption and aim for net-zero emissions by 2070. The National Green Hydrogen Mission aspires to make India a global leader in green hydrogen production, use, and export. India will build and support a national carbon market with the funding. India’s plans to reach 500 GW of non-fossil electrical capacity, produce 50% of its energy from renewables, reduce emissions by 1 billion tons by 2030, and reach net-zero emissions by 2070 are vital to this ambition.
