Budget 2023 | Major thrust planned for green energy
1 year, 10 months ago

Budget 2023 | Major thrust planned for green energy

The Hindu  

Underlining a commitment to accelerate the Indian economy’s transition to one powered by green energy, Union Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday mentioned a slew of schemes aimed at promoting clean energy and sustainable living. Green energy was among the ‘Saptarishi’ or seven guiding lights Ms. Sitharaman mentioned in her address that would steer India through ‘Amrit Kaal’. Following up on the government’s recent announcement of giving a push to ‘green hydrogen’ and promoting renewable energy projects, the Minister said battery energy storage systems with a capacity of 4,000 megawatt hours will be “supported” with viability gap funding to encourage investment. 3 key measures “For the budget allocation of ₹35,000 crore to start catalysing the nearly $30 billion in energy transition finance required annually by India for its net zero future, three types of measures will be needed: risk guarantees to reduce the cost of capital for low-carbon investments in the country; demand aggregation measures as has been done for LED lighting and electric buses; and viability gap financing for hydrogen electrolysers and offshore wind as announced for battery storage,” Ulka Kelkar, director, World Resources Institute, said in a statement.

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