India's Budget 2024: A Green Revolution in the Making
Key Ideas
- Rooftop Solarisation initiative aims to provide free electricity to one crore households, cutting down energy bills and promoting power generation.
- Electric Vehicle (EV) Ecosystem measures focus on expanding EV manufacturing, infrastructure, and encouraging the adoption of electric buses for cleaner urban travel.
- Offshore Wind Energy project introduces viability gap funding for 1 GW capacity, tapping into India's coastline for renewable energy sources.
- Significant boost to National Green Hydrogen Mission with Rs 600 crore funding to develop and adopt Green Hydrogen as a cleaner industrial fuel.
The upcoming India's Budget 2024 is anticipated to prioritize sustainable energy initiatives in line with the commitment to achieve net-zero carbon emissions by 2070. The interim budget introduced key measures such as the Rooftop Solarisation program, aiming to provide free electricity to one crore households. This initiative not only helps in reducing energy bills but also promotes power generation at a household level. Another significant focus is on the Electric Vehicle (EV) Ecosystem, with measures to expand manufacturing, infrastructure, and encourage EV adoption, including electric buses for urban travel.
The budget also introduced plans for Offshore Wind Energy projects, offering viability gap funding for 1 GW capacity to leverage India's coastline for clean energy sources. Additionally, the boost to the National Green Hydrogen Mission with Rs 600 crore funding reflects the government's commitment to develop and adopt Green Hydrogen as a cleaner industrial fuel. The budget also includes initiatives like Coal Gasification and Liquefaction projects to process coal cleaner, bioenergy and biomass aggregation for waste management, and significant funding for Research and Development (R&D) in emerging green technologies.
By aligning with renewable energy, emission reduction, and green technology support, India's budget allocations indicate significant progress towards achieving its net-zero goal. These initiatives not only promote sustainability but also have the potential to drive economic growth and innovation in the country, marking a positive step towards a greener and more resilient future.
Topics
India
Renewable Energy
Environmental Impact
Climate Change
Innovation
Sustainability
Economic Development
Government Initiatives
Budget Planning
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