New Delhi: The World Bank (WB) stated on June 30 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 minimising 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.

Adding further, the world bank said although India’s per capita energy consumption contributed to just one-third of the global average, demand was expected to increase rapidly with the expansion of the economy.

The statement issued by the World Bank said, ” This calls for a phasing down of fossil-based energy sources in line with India’s goal of achieving net-zero by 2070.”