E-Paper
Interim Budget 2024: FM announces measures to meet PM Modi’s zero emission goal
Finance minister Nirmala Sitharaman has announced a variety of measures to meet India’s net zero emissions goal and to increase the share of renewable energy in the energy mix
Union finance minister Nirmala Sitharaman has announced a basket of measures towards meeting India’s commitment to reach net zero emissions by 2070— a goal announced by Prime Minister Narendra Modi at COP26 held in Glasgow in 2021— and to increase the share of renewable energy in the energy mix, in the Interim Budget 2024 presented by her in Parliament on Thursday.
The measures include coal gasification and liquification, viability gap funding for offshore wind and a boost to rooftop solarisation among others.
Through rooftop solarisation, one crore households will be enabled to obtain up to 300 units free electricity every month, Sitharaman said. This initiative can lead to savings of up to ₹15,000 annually for households from free solar electricity and selling the surplus to the distribution companies; charging of electric vehicles; entrepreneurship opportunities for a large number of vendors for supply and installation; employment opportunities for the youth with technical skills in manufacturing, installation and maintenance.
A viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of 1 GW. Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia. Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will also be mandated.
Financial assistance will be provided for procurement of biomass aggregation machinery to support collection. The government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure.
A new scheme of bio-manufacturing and bio-foundry will be launched. This will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
Under Blue Economy 2.0, for promoting climate resilience, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.
