Budget 2024 Aims To Bolster Green Energy Sector
Bolstering the recently announced rooftop solar scheme for households, also known as the 'Pradhan Mantri Suryoday Yojna', Finance Minister Nirmala Sitharaman said that solar installations are intended for one crore households through this scheme. This is expected to result in savings of about 300 units of electricity per month for such homes. On an annual basis, the finance minister said, the scheme could result in savings of Rs 15,000-18,000. The announcement is important as it signals that the government is looking at building green energy infrastructure not just as central initiatives but through plans that have larger participation. The finance minister has allocated significant resources to bolster the green energy sector, with a focus on harnessing India's vast offshore wind energy potential. A notable initiative includes viability gap funding for the development of 1 gigawatt (GW) of offshore wind energy, which is expected to play a crucial role in diversifying India's renewable energy portfolio and reducing reliance on fossil fuels. Another key component of the strategy is the ambitious goal to set up coal gasification and liquefaction projects capable of processing 100 meteric tonnes by 2030. This move is poised to diminish India's import dependency on natural gas, methanol, and ammonia, while simultaneously promoting cleaner energy sources. To further reduce carbon emissions, the government plans to mandate the blending of biogas with compressed natural gas (CNG) for transportation and piped natural gas for domestic use. This policy is expected to not only improve air quality but also boost the biogas industry, contributing to the circular economy. Financial assistance will be provided to support the procurement of biomass aggregation, which is essential for the production of bioenergy. This step is likely to encourage farmers to participate in the bioenergy supply chain, thereby creating a sustainable and profitable model for agricultural waste management. The electric vehicle (EV) ecosystem is set to receive a significant push, with the government's intention to expand and strengthen manufacturing capabilities and charging infrastructure. This is anticipated to accelerate the adoption of EVs across the country, reducing greenhouse gas emissions from the transport sector. The Government of India will focus on expanding Electric Vehicle manufacturing as well as strengthening the supporting charging infrastructure as the country is moving towards the net zero emission target by 2070. "As India moves towards its net zero emission target by 2070, the Government will work towards expanding and strengthening the EV ecosystem as well as develop the charging infrastructure," said Finance Minister Nirmala Sitharaman while presenting the Interim Union Budget 2024. In an effort to promote the use of electric buses, the government is keen on encouraging their greater adoption, which will contribute to reducing urban pollution and fostering sustainable public transportation. A new scheme focusing on biomanufacturing and bio foundry is slated to be launched, aiming to promote green growth and innovation in the biotechnology sector. This initiative is expected to transform the current consumptive manufacturing paradigm into one based on regenerative principles, aligning with global trends towards sustainability. These comprehensive measures are aimed at India's proactive approach to combating climate change and its dedication to achieving a net-zero carbon footprint by 2070.
Tags : Bolstering Pradhan Mantri Suryoday Yojna electric buses climate change electric vehicle building green energy infrastructure