World Bank Supports India's Net Zero Goal with $3Bn
This strategic financing is designed across three interconnected areas - emergence of a green hydrogen industry, expansion of renewable energy, and the mobilization of climate finance.
Chennai: The World Bank is supporting India’s transition towards net zero emissions with development policy operations worth $3 billion.
India’s goal to achieve net zero emissions by 2070 requires a transformative shift to phase down fossil fuels. Green hydrogen is a core technological innovation that can shift energy-intensive sectors like cement, fertilizer, and steel to a low-carbon path. India aims to develop a green hydrogen industry to create jobs and boost energy security.
The World Bank is supporting this transition with two development policy operations worth $3 billion. This strategic financing is designed across three interconnected areas - emergence of a green hydrogen industry, expansion of renewable energy, and the mobilization of climate finance.
The World Bank’s Hydrogen for Development Partnership, founded and supported by the Energy Sector Management Assistance Program, facilitated $1.5 billion in concessional financing in fiscal 2024—the largest hydrogen engagement among all multilateral development banks—to ramp up clean hydrogen projects in India.
It has also committed $195 million to training, upskilling, and providing more than 300,000 people with jobs in high growth sectors including renewable energy, information and technology services, and hospitality. It has also provided $74 million to India for a jobs-development project with leading private sector companies.
Further, the Second National Ganga River Basin Project directly benefited 3.7 million people—adding over 2,600 km of sewer network with over 317,000 house connections— and prevented 404 million litres per day of untreated wastewater flowing into the Ganga, said WB.