India

           First Low-Carbon Energy Programmatic Development Policy Operation

                                           Chair Summary*

                                            June 29, 2023

The Executive Directors approved a loan and a credit for India for the First Low-Carbon Energy
Programmatic Development Policy Operation (DPO) in the total amount of US$1.5 billion on the
terms and conditions set out in the President’s Memorandum. The minutes will reflect that Ms.
Chang wished to be recorded as objecting.

Directors supported the innovative operation, which directly supports India’s energy transition and
efforts to mitigate climate change. They appreciated that the operation is part of the Bank’s
comprehensive support to energy transition in India and how it contributes to decoupling India’s
economic growth from emissions through an accelerated transition to low-carbon energy. They
encouraged the Government of India and the WBG to continue this engagement, including through
the upcoming Country Climate and Development Report.

Directors welcomed the support provided to promoting green hydrogen, and the operation’s role
in market creation to scale up renewable energy and enhance climate finance for low-carbon
energy investments. They stressed the importance of the operation’s integrated approach to low-
carbon energy, which includes further support for solar and wind energy and the creation of a
market for green hydrogen, while also promoting environmental and social risk management.
They asked the Bank to strengthen the gender aspect of the operation, targeting the increased
participation of women. Directors encouraged further close collaboration with IFC and MIGA to
create an enabling environment for private sector development and private capital mobilization for
innovative climate technology. They also welcomed and urged continued cooperation with all
development partners.

Directors noted the size and transformational nature of the operation and highlighted that the
operation could inform similar investments in LICs and MICs. Finally, they stressed the
importance of close monitoring and coordination during implementation.




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*This Summary is not an approved record.