Telangana's Green Energy Push: Union Budget Boosts Renewable Energy Sector
Key Ideas
- Union Budget allocates additional `10,000 crore for renewable energy sector to reduce dependence on imported fossil fuels and promote decarbonisation.
- India aims to produce at least five million metric tonnes of green hydrogen annually by 2030, with a focus on exports, supported by a `600 crore allocation for the National Green Hydrogen Mission.
- Telangana targets attracting investments worth `1.98 lakh crore and generating 1.14 lakh new jobs in the green energy sector by 2030, with plans to add 20,000 MW of renewable energy.
- The Budget also incentivizes domestic manufacturing of solar photovoltaic modules, provides viability gap funding for offshore wind energy, and supports rooftop solar installations and solar power plants.
The Union Budget in India has highlighted a significant push towards advancing green energy initiatives in the country, with a particular focus on the renewable energy sector. The Finance Minister announced an additional `10,000 crore to expand renewable energy infrastructure, aiming to reduce dependence on imported fossil fuels and accelerate decarbonisation and sustainability efforts.
One of the key announcements included a substantial allocation of `600 crore for the National Green Hydrogen Mission (NGHM), indicating India's ambition to become a global leader in green hydrogen production and export. The country aims to produce five million metric tonnes of green hydrogen annually by 2030, with a significant portion earmarked for exports.
In line with the green energy push, Telangana has laid out ambitious plans to attract investments totaling `1.98 lakh crore and create around 1.14 lakh new jobs in the green energy sector over the next decade. The state aims to add 20,000 MW of renewable energy by 2030, with a strong focus on promoting rooftop solar installations and solar power plants.
Furthermore, the Budget incentivizes domestic manufacturing of solar photovoltaic modules to reduce imports and provides support for offshore wind energy projects through viability gap funding. The government's emphasis on clean-tech manufacturing and the promotion of sustainable, technology-driven solutions aligns with the goal of transitioning India towards a self-reliant and environmentally conscious economy.
Overall, the Budget's provisions signal a positive outlook towards renewable energy development, job creation, and sustainability efforts, indicating a strong commitment towards a greener and more energy-efficient future for India.
Topics
India
Renewable Energy
Sustainability
Investment
Job Creation
Solar Power
Green Initiatives
Union Budget
Clean Tech Manufacturing
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