Today every investment should be climate finance’: World Bank India director

The World Bank’s Board of Executive Directors approved $1.5 billion in financing to help India accelerate the development of low-carbon energy.Today every investment should

New Delhi: The World Bank’s Board of Executive Directors approved $1.5 billion in financing to help India accelerate the development of low-carbon energy.

The loan will promote green hydrogen production, scale up renewable energy, and stimulate finance for low-carbon energy investments. Last year, the World Bank approved the first iteration of the loan, which was also of similar magnitude.

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All finance should be climate finance in today’s world and the courageous countries that embrace energy transition will be the biggest beneficiaries going forward, World Bank country director Auguste Tano Kouamé said in an interview. Kouame also said the World Bank will be rolling out concessional loans for global challenges related to the climate crisis.India’s NDCs are quite ambitious.

India wants to increase installed capacity for non-fossil fuel-based power sources equivalent to 50% of the country’s requirement by 2030; reduce the emissions intensity of its Gross Domestic Product (GDP) by 45% from 2005 levels by the year 2030; and increase carbon sink capacity of the economy by increasing India’s forest cover. This operation will help with the first two objectives.

The National Green Hydrogen Mission wants to mobilise $100 billion worth of investments in the production of green hydrogen and electrolysers by 2030, which will correspond to about 5 million metric tonnes per year (MTPA) of green hydrogen produced by 2030. So, that will help reduce the CO2 content of GDP. The operation that we just approved as well as the first operation that was approved last year, will help with measures to increase the production of green hydrogen and measures to increase the production of renewable energy. This is because we recognise that if we want green hydrogen ambitions to be met, renewable energy will play a critical role and needs to be increased manifolds.We are already seeing that. Since the first operation (loan) was approved, the private sector already expressed interest in investing in green hydrogen worth up to $ 70 billion, as per our calculation.Today every investment should

They are already making very quick progress. We are estimating the contribution of this loan operation up to 2026.By 2026, our support will contribute to incentivising production capacity up to 3 million metric tonnes of green hydrogen. The operation will also support the incentives to achieve of 3GW worth of electrolysers produced in India. That will contribute to reduced reliance on imported electrolysers.Further, the government has issued a tender notice that they will buy a given quantity of green hydrogen for fertilizers in the form of green ammonia and bulk purchase for refineries.Today every investment should

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