BENGALURU, India: Indian Finance Minister Nirmala Sitharaman announced several new clean energy initiatives in the government's annual budget speech on Wednesday, saying green growth is a top priority for the country.
More than US $8 billion was announced for projects like mangrove restoration, which help to suck carbon dioxide out of the atmosphere, convert waste into biogas and speed up renewable energy initiatives. Details of how the funds will be spent are yet to be revealed.
The ministry of petroleum and natural gas will help India reach its goal of net zero emissions by the year 2070, with the injection of 35,000 crore rupees US $4.3 billion in India's energy transition. India is the third highest-emitting nation in the world.
Sitharaman also proposed government incentives for energy storage systems in India that would aid round-the-clock renewable energy use and announced a new framework for pumped storage systems for hydropower.
She has set up an additional 20,700 crore rupees 2.5 billion for clean energy production in the Himalayan region of Ladakh, where electricity grid infrastructure remains a key sticking point.