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This is the second round of funding in a series of two operations (First in June 2023) under Low-Carbon Energy Programmatic Development Policy Operation.
- Development Objective: To accelerate the development of low-carbon energy in India.
- The operation consists of three pillars:
- Promoting green hydrogen (GH) to strengthen the enabling policies and regulations for GH.
- Scaling up renewable energy (RE) to scale up RE penetration in India, reduce RE costs, and improve RE grid integration.
- Enhancing climate finance for low-carbon energy investments to launch India’s carbon market and to enable private sector investments in low-carbon energy.
Why India is being Supported
- Expected rapid growth in India’s energy demand and huge reliance on coal.
- Key role of India in reaching global climate change targets.
- To support India’s Long -term (Net Neutrality by 2070) and short term targets (by 2030 under NDCs).
- Decarbonizing the hard-to-abate industrial and transport sectors.
Government program to support low carbon energy growth
- Renewable Energy Missions and Power Market Reforms: support for large-scale grid-connected Solar Parks; PM KUSUM scheme etc.
- National Green Hydrogen Mission.
- Incentives to adopt electric and hybrid vehicles through FAME Scheme - I & II etc.
