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World Bank Greenlights $1.5 Billion In Low-Carbon Energy Loans For India

The World Bank has said it had approved $1.5 billion in loans for low-carbon energy projects in India.

Noting that the subcontinent was one of the fastest-growing economies in the world, the international lender said that energy consumption in India per capita is a third of the global average.

Yet this is set to change fast as the Indian economy grows and “This calls for a phasing down of fossil-based energy sources in line with India’s goal of achieving net-zero by 2070.”

The $1.5 billion that the World Bank will lend to India will focus on green hydrogen, the lender said, to be used to decarbonize the industrial sector. This sector, the World Bank said, is the biggest driver of both energy demand and emissions but “green hydrogen can play a critical role in initially decarbonizing the hard-to-abate industrial sectors.”

The WB sees such potential interest in green hydrogen that it expects its $1.5 billion to attract $100 billion in private-sector investments in the area.

The loan package should also help India boost its wind and solar generation capacity and its integration into the grid. This, in turn, would help India reach its stated goal of building a total 500 GW of wind and solar capacity by 2030.

India plans to hold tenders for 50 GW of new wind and solar capacity every year between now and 2028.

Part of the money, according to the World Bank, would go towards developing a carbon credit market on the subcontinent. “A national carbon market is essential to provide a level playing field between low-carbon energy and fossil fuels,” the developing world creditor also said.

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India has announced plans to become a net-zero country by 2070 but this has not prevented it from boosting its coal generation capacity at a rate similar to China’s because of growing energy demand.

By Charles Kennedy for Oilprice.com

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