{"id":78249,"date":"2023-07-04T01:38:48","date_gmt":"2023-07-04T01:38:48","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/07\/04\/world-bank-extends-usd-1-5-bn-for-indias-renewables-and-spain-gets-ambitious-with-its-green-hydrogen-production\/"},"modified":"2023-07-04T01:38:48","modified_gmt":"2023-07-04T01:38:48","slug":"world-bank-extends-usd-1-5-bn-for-indias-renewables-and-spain-gets-ambitious-with-its-green-hydrogen-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/07\/04\/world-bank-extends-usd-1-5-bn-for-indias-renewables-and-spain-gets-ambitious-with-its-green-hydrogen-production\/","title":{"rendered":"World Bank extends USD 1.5 bn for India\u2019s renewables and Spain gets ambitious with its green hydrogen production"},"content":{"rendered":"<p><strong>World Bank extends USD 1.5 bn for India\u2019s renewables:<\/strong> 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 <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2023\/06\/29\/world-bank-approves-1-5-billion-in-financing-to-support-india-s-low-carbon-transition\">statement<\/a> released on Thursday. The capital injection will help India upscale its renewables and green hydrogen projects as part of the country\u2019s 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.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Spain plans to almost triple its green hydrogen goal as part of a new climate and <\/strong><strong>energy plan<\/strong>, <a href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/spain-doubles-down-green-hydrogen-biogas-2023-06-28\/\">Reuters<\/a> 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 \u2014 up from a previous 4 GW \u2014 and increases the country\u2019s 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.<\/p>\n<p><strong>More renewables, more funding: <\/strong>According to the proposed plan, renewables would generate 81% of the country\u2019s 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.<\/p>\n<p><strong>OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n<ul>\n<li><strong>Norway <\/strong>approved<strong> 19 new oil and gas projects <\/strong>worth some <strong>USD 18.6<\/strong> <strong>bn <\/strong>in a move that has sparked anger from climate activists. (<a href=\"https:\/\/www.france24.com\/en\/live-news\/20230628-norway-angers-climate-activists-with-fossil-fuel-projects\">France 24<\/a>)<\/li>\n<li><strong>Malaysia-based<\/strong> utility company <strong>Sarawak Energy<\/strong> plans to deploy <strong>floating<\/strong> <strong>solar energy <\/strong><strong>projects<\/strong> at dam reservoirs generating <strong>400 MW by 2030<\/strong> as part of plans to <strong>export power to Indonesia, Brunei, and Singapore<\/strong>. (<a href=\"https:\/\/www.reuters.com\/business\/energy\/malaysias-sarawak-energy-plans-400mw-floating-solar-capacity-by-2030-2023-06-27\/\">Reuters<\/a>)<\/li>\n<li><strong>China<\/strong> is on track to beat its <strong>renewables <\/strong>target five years early by nearly doubling the country\u2019s <strong>wind<\/strong> and <strong>solar<\/strong> capacity by 2025. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-28\/china-s-solar-wind-build-to-crush-target-global-energy-monitor\">Bloomberg<\/a>)<\/li>\n<li><strong>The US<\/strong> <strong>Environmental Protection Agency<\/strong> has launched a <strong>USD 7 bn grant <\/strong>programme to bring <strong>solar panels<\/strong> to low-income households. (<a href=\"https:\/\/www.reuters.com\/sustainability\/us-launches-7bln-program-bring-solar-low-income-households-2023-06-28\/\">Reuters<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>World Bank extends USD 1.5 bn for India\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78250,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,11,39,260,88,453,161],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-enterpriseclimate","tag-green-hydrogen","tag-india","tag-renewables","tag-spain","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"a191830f-e9da-440f-908d-81f6f7507771","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/422.jpg","photo_position":"above","related_issue":[78223],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank extends USD 1.5 bn for India\u2019s renewables and Spain gets ambitious with its green hydrogen production - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/07\/04\/world-bank-extends-usd-1-5-bn-for-indias-renewables-and-spain-gets-ambitious-with-its-green-hydrogen-production\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank extends USD 1.5 bn for India\u2019s renewables and Spain gets ambitious with its green hydrogen production\" \/>\n<meta property=\"og:description\" content=\"World Bank extends USD 1.5 bn for India\u2019s 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. 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