During the International Monetary Fund - World Bank Annual Meeting in Nusa Dua, Bali, Indonesia, on October 12, 2018, a participant stood near the World Bank logo.
On Friday, the World Bank announced its approval of $1.5 billion in financing aimed at expediting the growth of India's low carbon energy sector. The approved funding will support India's efforts in scaling up renewable energy, advancing green hydrogen initiatives, and facilitating climate finance for low-carbon energy investments, as stated in the bank's official release.
Auguste Tano Kouame, World Bank Country Director for India, stated that the program will provide assistance in effectively implementing the National Green Hydrogen Mission, which has a goal of attracting $100 billion in private sector investments by 2030.
Furthermore, the program's objectives include scaling up renewable energy supply by cost reduction and enhancing power grid integration. It also aims to support India in achieving its targeted 500 gigawatts (GW) of renewable energy capacity by the year 2030.
The government's strategy entails issuing bids for 50 GW of renewable energy annually from FY23-24 to FY27-28, leading to a reduction of 40 million tons of carbon emissions per year by 2026.
The World Bank highlighted that India's per capita energy consumption remains one-third of the global average but is projected to increase significantly due to economic growth.
In response to this, the statement emphasized
the need to gradually reduce reliance on fossil-based energy sources, aligning
with India's objective of attaining net-zero emissions by 2070.
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