World Bank to allocate $1.5 billion to India for low-carbon energy development
The World Bank has agreed to give India $1.5 billion for the development of clean energy. About it reported on the organization’s website.
India will have to increase the use of renewable energy sources. The country plans to build such facilities with a total capacity of 500 gigawatts by 2030. Also, the money issued by the bank should help implement the national Green Hydrogen program, which aims to stimulate private investment in low-carbon energy by a total of $100 billion by 2030. In addition, India will invest in the development of clean hydrogen.
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The bank clarified that India’s per capita energy consumption is only a third of the world average, but predicted that its use will grow as the country’s economy develops. The Indian government plans to reduce carbon emissions by 40 million tons per year by 2026 and achieve carbon neutrality by 2070.
Previously, developed countries agreed to pay $100 billion to developing countries to fight climate change. Initially, the countries occupying a leading position in the global economy planned to allocate this amount annually from 2009 to 2020, but the actual funding turned out to be less.
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