The World Bank, $1.5 billion in financing has been approved to hasten the growth of India's low carbon energy sector. By boosting renewable energy production, creating green hydrogen, and encouraging climate finance for low-carbon energy initiatives, the financing will assist India in promoting low-carbon energy.

According to Auguste Tano Kouame, Country Director for India at the World Bank, "the programme will support the successful implementation of the National Green Hydrogen Mission, which seeks to stimulate $100 billion in private sector investment by 2030."

The programme intends to assist India in achieving its pledged 500 gigawatts (GW) of renewable energy capacity by 2030 by lowering costs and enhancing power system connectivity. By soliciting bids for 50 GW of renewable energy every year between FY23-24 and FY27-28, the government expects to eliminate 40 million tonnes of carbon dioxide annually by 2026.

Despite India's per capita energy consumption being only one-third of the world average, the World Bank predicted that demand would increase quickly as the country's economy grew. According to the statement, this calls for phasing out fossil-based energy sources in order to meet India's objective of becoming net-zero by 2070.