India’s Finance Minister Nirmala Sitharaman announced several new clean energy initiatives in the government’s annual federal budget speech on Wednesday, saying “green growth” is a top priority for the country.
More than $8 billion dollars were announced for projects like restoring mangroves that help absorb carbon dioxide from the atmosphere, turning waste into biogas, and accelerating renewable energy initiatives. But details of how the funds will be spent have yet to be disclosed.
The minister said that the $4.3 billion injection into India’s energy transition will be channeled through the ministry of oil and natural gas to help India achieve its goal of net zero emissions by 2070. India is currently the third nation with highest emissions in the world.
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The new funds are part of the government’s $550 billion budget intended to increase spending to spur economic growth and create jobs ahead of next year’s general election. Sitharaman mentioned expanding clean energy for the economy and jobs in the opening minutes of his speech.
Sitharaman also proposed government incentives for energy storage systems in India that would help round-the-clock use of renewable energy and announced a new framework for pumped storage systems for hydropower.
Indian Finance Minister Nirmala Sitharaman, center, leaves her office to give a speech in New Delhi, India, on February 1, 2023.
(AP Photo/Manish Swarup)
It set an additional $2.5 billion to facilitate the production of new clean energy in the Ladakh region of the Himalayas, where power grid infrastructure remains a hotspot.
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Other programs to incentivize the use of less polluting alternative fertilizers and to reduce chemical fertilizers have also been announced, but details of how much will be spent are unclear.
Import duties on components needed to produce lithium-ion batteries, a key component in many electric vehicles, will be slashed, Sitharaman said. But no exemption was provided for protection taxes in the solar energy sector.
The budget will now be debated by both houses of parliament before it can be enacted, which is likely to happen as Modi’s party has a strong majority.
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The shift towards clean energy and away from fossil fuels has become an increasing priority for India and nations around the world as countries try to limit global warming.
The Indian government recently announced a green hydrogen for clean fuel initiative and a climate action program to encourage more sustainable lifestyles. But the country still relies heavily on burning planet-warming coal for its energy needs.
