World Bank extends USD 1.5 bn for India’s renewables and Spain gets ambitious with its green hydrogen production

World Bank extends USD 1.5 bn for India’s renewables: The World Bank Group approved a USD 1.5 bn financing package to help India achieve its USD 100 bn National Green Hydrogen Mission for 2030, according to a statement released on Thursday. The capital injection will help India upscale its renewables and green hydrogen projects as part of the country’s aim to secure USD 100 bn in green hydrogen-focused private sector investments by 2030 and generate 500 GW of clean energy by the end of the decade.

Spain plans to almost triple its green hydrogen goal as part of a new climate and energy plan, Reuters reported on Wednesday, citing a draft of the strategy it has seen. The draft plan outlines a 2030 target of 11 GW for electrolyzers to produce green hydrogen — up from a previous 4 GW — and increases the country’s wind generation capacity targets up to 62 GW from a previous 50 GW. Solar energy generation capacity is also boosted to c. 76 GW with a power storage capacity of 22 GW.

More renewables, more funding: According to the proposed plan, renewables would generate 81% of the country’s electricity by 2030, with the new targets shooting for slashing emissions by 32% from 1990 levels compared to the previous target of 23%. Some EUR 294 bn will be needed for the plan, with the majority of investments coming from the private sector and the remainder from public funds, including the EU. Public consultation for the draft plan is set to continue until 4 September, with the final plan due by June 2024.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Norway approved 19 new oil and gas projects worth some USD 18.6 bn in a move that has sparked anger from climate activists. (France 24)
• Malaysia-based utility company Sarawak Energy plans to deploy floating solar energy projects at dam reservoirs generating 400 MW by 2030 as part of plans to export power to Indonesia, Brunei, and Singapore. (Reuters)
• China is on track to beat its renewables target five years early by nearly doubling the country’s wind and solar capacity by 2025. (Bloomberg)
• The US Environmental Protection Agency has launched a USD 7 bn grant programme to bring solar panels to low-income households. (Reuters)