Question
Which organization has recently approved a $1.5-billion
loan to help India accelerate its low-carbon energy development, focusing on green hydrogen, electrolysers, and renewable energy penetration? (June 2024)ÂSolution
The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development. 42 Details- • Funding Objective: The funds will promote green hydrogen, electrolysers, and increased renewable energy penetration in India. • Series of Operations: This is the second round of funding under the "Low-Carbon Energy Programmatic Development Policy Operation". The first round of $1.5 billion was approved in June 2023. • India’s Goals: The funding aligns with India's targets of achieving 500 GW of renewable energy capacity by 2030 and reaching net zero by 2070. • World Bank's Role: The loan will support reforms in green hydrogen production, renewable energy integration, and the development of a national carbon credit market.
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