Budget 2024: India Takes Aim At ‘Net-Zero’ Target With Fresh Green Initiatives

Finance Minister Nirmala Sitharaman’s budget speech on Thursday was peppered with green initiatives to help India meet its net-zero target by 2070.

Under the government's rooftop solarisation plan, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. That will result in savings of up to Rs 15,000-18,000 annually, with an option to sell the surplus solar power back to the grid.

The plan also presents an entrepreneurial opportunity for supply and installation of solar panels, and employment opportunities for those equipped with technical know-how in manufacturing, installation and maintenance.

Additionally, the following measures will be undertaken:

• Viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of 1 gigawatt.

• Coal gasification and liquefaction capacity of 100 million tonne 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 in CNG for transport PNG for domestic purposes will be mandated.

• Financial assistance will be provided for procurement of biomass aggregation machinery to support collection.

Separately, the central government will look at building out the electric mobility ecosystem in India by supporting the manufacturing and charging infrastructure, Sitharaman said in her speech. Greater adoption of electric buses for public transport will be encouraged through the payment security mechanism.

A new scheme for bio-manufacturing and bio-foundry is also in the works to make environment-friendly alternatives for polymers, plastics and pharma products.