Union Budget Provides Rs 35,000 Cr to Achieve Net Zero Objectives
Finance minister Nirmala Sitharaman provided an outlay of Rs 35,000 crore to achieve energy transition and net zero objectives and listed green growth among seven priorities of the government. The recently launched National Green Hydrogen Mission with an outlay of Rs 19,700 crore, will facilitate transition of economy to low carbon intensity, reduce dependence on fossil fuel imports and make the country adopt technology and market leadership in this sector. The target is to reach an annual (green hydrogen) production of five MMT by 2030. The government will provide viability gap funding for 4,000 MWh battery energy storage systems. To steer the economy on sustainable development path, battery energy storage systems with a capacity of 4,000 MWh will be supported with viability gap funding," she said. She also informed the House that a detailed framework for pumped storage projects will be formulated.
Tags : Finance minister Nirmala Sitharaman energy growth National Green Hydrogen Mission sustainable development