a move to steer India towards a greener future, Finance Minister Nirmala Sitharaman unveiled a comprehensive plan aimed at achieving the nation's ambitious Net Zero target by 2070 in Budget 2024.
The announcement came as part of the Union Budget 2024, where "Green Growth" was highlighted.
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.
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 biofoundry 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.
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