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India’s finance minister announces new clean energy fund


India's finance minister announces new clean energy fund

India’s Finance Minister Nirmala Sitharaman, poses for the media, holding a digital tablet bag as she leaves the office with colleagues to head to the Presidential Palace before presenting the joint budget state for the fiscal year 2023-2024 at Parliament in New Delhi, India, Wednesday, February 1, 2023. Credit: AP Photo/Manish Swarup

India’s finance minister Nirmala Sitharaman announced several new clean energy initiatives during the government’s annual federal budget speech on Wednesday, saying “green growth” is a top priority. of the country.

More than $8 billion has been announced for projects like mangrove restoration that suck carbon dioxide out of the atmosphere, convert waste into biogas, and accelerate renewable energy initiatives. . However, details on how this money will be used have not been disclosed.

The minister said the injection of 35,000 crore rupees ($4.3 billion) into India’s energy transition will be channeled through the Department of Petroleum and Natural Gas to help India achieve its net zero emissions target. in 2070. third highest emitting country.

The new funds are part of the government’s $550 billion budget to ramp up spending to spur economic growth and create jobs ahead of next year’s general election. Sitharaman mentioned the scaling of clean energy for the economy and jobs in the first few minutes of her speech.

Sitharaman also proposes government incentives for energy storage system in India will support round-the-clock use of renewable energy and announce a new framework for pumping storage system for hydroelectricity.

She has set aside an additional 20,700 crore rupees ($2.5 billion) to facilitate new clean energy production in the Himalayan region of Ladakh, where grid infrastructure remains a key bottom line.

India's finance minister announces new clean energy fund

India’s Finance Minister Nirmala Sitharaman, dressed in red, leaves his office for the Presidential Palace before presenting the federal budget for fiscal year 2023-2024 at Parliament in New Delhi, India, Wednesday , February 1, 2023. Photo: AP Photo/Manish Swarup

Other programs to encourage the use of alternative, less polluting fertilizers and cut down chemical fertilizers have also been announced, but details of how much will be spent are unclear.

Import tax on components needed for production lithium-ion batterySitharaman said, a key component in many electric vehicles, will be cut. But no exemption is provided for the protection tax in the solar sector.

The budget will now be discussed by both houses of parliament before it can be enacted, which could happen when Mr. Modi’s party holds a majority.

Towards clean energy and away from it fossil fuel increasingly becoming a priority for India and the nations of the world as nations try and limit global warming.

The Government of India recently announced a green hydrogen clean fuels initiative and climate action program to encourage more sustainable lifestyles. But the country is still relies heavily on burning coal to heat the planet for its energy needs.

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