Nirmala Sitharaman allots Rs 350 billion towards energy transition

03 Feb 2023 CW Team

Nirmala Sitharaman, Union Finance Minister, disclosed a Rs 350 billion investment in the nation's switch to greener energy.

India's target of achieving net zero carbon emissions by 2070 will require a priority capital investment of Rs 350 billion, Sitharaman stated.

In order to minimise carbon intensity and the usage of fossil fuels, Sitharaman also pledged an additional Rs 197 billion for the government's Green Hydrogen Mission. She also declared a five million tonne goal for producing renewable hydrogen by 2030.

By 2070, India plans to have net-zero carbon emissions. The Green Hydrogen Mission, which will receive an investment of Rs 197 billion, will speed up the transition to low carbon intensity and lessen reliance on fossil fuels.

The National Green Hydrogen Mission was approved by the government on January 4, 2023, with an initial investment of Rs 197.44 billion. The mission's goals are to make India an energy-independent nation and to decarbonise key industries.

According to her, the Centre is also supporting the installation of 4,000 MwH of battery energy storage, and an environmental protection act notification will also include a green credit programme.

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