With the imminent presentation of India’s Budget 2024 by Finance Minister Nirmala Sitharaman, expectations are high regarding the government’s commitment to sustainable energy and environmental initiatives. Against the backdrop of escalating global climate concerns and the imperative to mitigate carbon footprints, the budget is poised to unveil crucial measures aimed at steering India towards a cleaner, greener future.
Central to the discourse are ambitious initiatives outlined in the interim budget earlier this year, signaling a decisive shift towards sustainability. A standout proposal is the expansive rooftop solar programme, envisaging free electricity for up to 300 units per month to one crore households. This initiative not only promises to alleviate energy costs for middle- and lower-income families but also empowers them to generate surplus power, potentially contributing to the national grid.
Another cornerstone of the budget is the bolstering of India’s electric vehicle (EV) ecosystem. This includes substantial investments in EV manufacturing and infrastructure to promote widespread adoption across the country. The move aims not just to curb emissions from the transport sector but also to enhance urban mobility with electric buses, marking a significant step towards cleaner public transportation solutions.
In harnessing India’s coastal resources, the budget introduces viability gap funding for 1 GW of offshore wind energy projects. This strategic move underscores India’s commitment to expanding renewable energy capacities, thereby reducing dependency on fossil fuels and bolstering energy security.
Further reinforcing its green energy ambitions, the budget amplifies the National Green Hydrogen Mission with a substantial financial injection. This initiative aims to position green hydrogen as a pivotal energy source for future industrial applications, facilitating cleaner and sustainable manufacturing processes.
Additionally, the budget outlines plans for coal gasification and liquefaction projects, slated to process 100 metric tonnes by 2030. These projects are designed to optimize coal usage, potentially reducing reliance on imported natural gas and mitigating associated environmental impacts.
In parallel, the budget emphasizes bioenergy and biomass aggregation, offering financial support to manage agricultural waste effectively. This initiative not only promotes sustainable agricultural practices but also unlocks new revenue streams for farmers through bioenergy production.
Innovation remains a cornerstone of India’s green transition, with substantial allocations earmarked for research and development in emerging green technologies. This funding is poised to spur innovation in solar, wind, and hydrogen technologies, bolstering India’s position as a global leader in sustainable energy solutions.
As India prepares to unveil its Budget 2024, these initiatives underscore a strategic commitment to sustainable development and environmental stewardship. The outcomes of these efforts hold the potential to reshape India’s energy landscape, paving the way for a resilient and environmentally sustainable future.
The upcoming budget presentation will provide further clarity on the implementation timelines and expected outcomes of these initiatives, offering a crucial roadmap towards achieving India’s ambitious net-zero carbon emissions target by 2070.
