Budget 2024: Green Hydrogen Incentives to Accelerate Solar Energy Expansion
Key Ideas
- The Ministry of New and Renewable Energy in India is set to roll out incentives worth ₹4,500 crore for Green Hydrogen under the SIGHT scheme next month.
- The budgetary allocation for green energy has nearly doubled from ₹10,000 crores to ₹19,000 crores, showing the government's commitment to the transition.
- The increased budget will also support the PM Surya Ghar Muft Bijli Yojana, aiming to install solar panels on 1 crore households, with 2.3 lakh units already in progress.
- India aims to increase its solar module manufacturing capacity to 100 GW in the next 2 years, with customs duty waivers and a growing number of vendors aiding the expansion.
The Ministry of New and Renewable Energy in India is gearing up to introduce incentives worth ₹4,500 crore for Green Hydrogen as part of the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme. This move is seen as a significant step to accelerate the adoption of green energy. The Secretary of MNRE highlighted the government's increased budgetary allocation from ₹10,000 crores to ₹19,000 crores, indicating a strong commitment to the green energy transition. This funding boost will not only support the Green Hydrogen incentives but also the PM Surya Ghar Muft Bijli Yojana, a scheme aimed at installing solar panels on 1 crore households, with 2.3 lakh units already in progress.
The push towards renewable energy also includes plans to increase India's solar module manufacturing capacity from 60 GW to 100 GW within the next 2 years. This growth is further supported by customs duty waivers and an expanding network of vendors. The Secretary emphasized the need for enhancing on-ground installation teams and vendors to scale up the solar energy ecosystem. With a positive outlook on the future of renewable energy in India, the Secretary also expressed optimism about the potential increase in wind power manufacturing capacity due to upcoming offshore wind energy projects. Overall, the developments outlined in the Budget 2024 reflect a promising trajectory towards a more sustainable and greener energy landscape in the country.